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2019 (1) TMI 199 - ITAT MUMBAIPenalty u/s 271(1)(c) - working of capital gains arising on sale of Gobi unit at Erode considered the book value of assets sold for working out the net worth in place of written down of assets as provided by section 50B due to a bonafide error - Held that:- We noticed that after the sale of the Gobi unit by the assessee, the assessee has shown the book value for the purpose of calculating the LTCG whereas the assessee should claim written down value of the unit for the purpose of assessing the LTCG. Undoubtedly, as per the Section 50B the written down value is required for the purpose of assessing the long term capital gain on account of sale of Gobi unit. The assessee has shown the book value of asset and has also shown the written down value required as per the purpose of section 50B. The claim of the assessee was not allowable. There was a bonafide mistake on the part of the assessee for calculating the LTCG. The assessee has filed the revised return of income which has been accepted by the Department. In view of the revised return of income, we nowhere find any concealment of income or furnishing the inaccurate particulars of income. See PRICE WATERHOUSE COOPERS (P.) LTD. VERSUS COMMISSIONER OF INCOME-TAX, KOLKATA - I [2012 (9) TMI 775 - SUPREME COURT] - Decided in favour of assessee.
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