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2014 (3) TMI 952 - AT - Income TaxPenalty u/s 271(1)(c) - ssessee has set off the unabsorbed depreciation and business losses against the income under the head "Capital gains" - Held that:- since Shri Krishan Kumar Mangal died may be his young son was not fully conversant with the affairs of the firm and in the absence of tax consultant who also died he was perhaps wrongly advised to make a claim for set off of brought forward unabsorbed depreciation. It is a settled law that a person cannot be punished for the mistakes committed by counsel for the assessee or his advisors. On the overall circumstances of the case we are of the opinion that this is not a fit case for levy of penalty and accordingly we set aside the order of the learned Commissioner of Income-tax (Appeals) and delete the penalty. - Decided in favour of assessee.
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