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2015 (2) TMI 1209 - AT - Income TaxPenalty u/s. 271(1)(c) - disallowance made u/s. 94(7) - Held that:- As decided in the case of City Group Global Markets India Pvt. Ltd. [2011 (12) TMI 658 - ITAT MUMBAI ] since no malafide intention can be attributed to assessee in claiming loss in these transactions, we are of the view that penalty under section 271(1)(C) is not warranted. Various case law relied upon by the assessee also supports the contentions made. However, without getting into the legal parameters, on facts of the case we are of the view that there occurred a bonafide mistake in not examining the provisions of section 94(7) on these transactions. Moreover, though there are disallowances in the course of the assessment proceedings, mere disallowance does not attract penalty proceedings under section 271(1)(C). - Decided in favour of assessee
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