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2010 (3) TMI 824 - ITAT DELHILevy of penalty under section 271(1)(c) - Denial of the assessee's claim for set-off of brought forward business loss against the income assessed under the head "Capital gains" - Held that:- There was a bona fide disclosure of all the particulars and mere denial of the assessee's claim of set-off will not attract the penal provisions as contained under section 271(1)(c). He placed reliance on the recent decision of the Supreme Court in the case of CIT v. Reliance Petroproducts (P.) Ltd. (2010 - TMI - 75701 - SUPREME COURT) , wherein it was observed that making an incorrect claim in law cannot tantamount to furnishing of inaccurate particulars, no penalty is leviable under section 271(1)(c) of the Income-tax Act. - Thus appeal of the assessee is allowed.
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