Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 991 - ITAT AHMEDABADPenalty u/s 271(1)(c) - wrong claim of set off loss - scheme of amalgamation adopted - brought forward and carried forward loss - AO with the view that the assessee company was not liable to carry forward loss as per the provision of Section 72A(2) as amalgamation company was not in the business for a period of three years asked for explanation from the appellant - assessee thereafter suo moto withdrew the claim of the said amount and revised return was also filed - bonafide mistake - upon raising the query the assessee has withdrawn the wrong claim of set off loss - penalty deleted by CIT(A) - findings as no concealment of income or furnishing of inaccurate particulars - HELD THAT:- assessee explained the situation to the best possible manner pleaded bonafide. Such explanation was not found false by the Learned AO. The materials relating to returned income was duly disclosed before the Learned AO. At that relevant point of time, there was no iota of evidence of concealment of any fact relating to particulars of income or furnishing of inaccurate particulars of income. Merely because the assessee had claimed the expenditure, which was not accepted or was not acceptable to the revenue, that by itself would not, attract the penalty u/s 271(1)(c) of the Act. In that view of the matter the penalty order was rightly deleted by the Learned CIT(A). - decided in favour of assessee.
|