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2015 (5) TMI 1089 - AT - Income TaxPenalty u/s. 271(1)(c) - change of head of income - speculative loss assessed under the head business loss - Held that:- We are of opinion that mere change of head of income should not result in automatic levy of concealment penalty. The detail about the speculative loss was available on the record. Therefore, it cannot be held that assessee had filed inaccurate particulars of income or had concealed the particulars of income.Even if a unsubstantiated claim is made in the return of income, it cannot be held that the assessee is liable for levy of penalty u/s.271(1)(c). Difference of opinion between the AO and the assessee about head of income under which particular item is to be assessed was and would remain a bone of contention between the AO and the assessee. But such differences should not and cannot result invoking the penal provision of chapter XXI of the Act. See COMMISSIONER OF INCOME-TAX Versus AURIC INVESTMENT AND SECURITIES LTD. [2007 (7) TMI 276 - DELHI HIGH COURT ] - Decided in favour of assessee.
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