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2012 (7) TMI 240 - AT - Income TaxLevy of penalty u/s 271(1)(c) - AO disallowed the loss as claimed by assessee on redeeming the units on 26- 03-2004, purchased back on 26-12-2003 - invoking provisions of section 94(7)- Held that:- As the basis of dispute is whether the transactions dated 26-12-2004 and 26-03-2005 fall within the period of three months or not, because the Act, under section 94(7)(b)(i) uses the words “after such Date”, and the revenue authorities have used this expression against the assessee, which even the assessee has not denied, but the revenue authorities could not point which could lead to omission, concealment or inaccurate and certainly nothing has been found to be “false” - mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee - decided in favour of assessee.
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