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2013 (6) TMI 222 - HC - Income TaxPenalty u/s 271(1)(c) - debatable issue - taxation of short term capital gains under Section 45(4) - held that:- The Tribunal was of the opinion that transaction which had taken place by passing book entries and not by executing any conveyance deed and since this was a debatable issue and when the assessee has acted upon the advice of the Chartered Accountant it cannot be said to be an attempt on the part of the assessee to conceal any material facts. It also relied on the judgment of BTX Chemical P. Ltd. vs. Commissioner of IncomeTax(2006 (7) TMI 155 - GUJARAT High Court) wherein also the question of penalty had arisen before this Court on account of alleged concealment of income and this Court had held that the assessee, who was under a bona fide belief on the basis of the advice received from his Chartered Accountant that the loss occurred as a result of destruction of asset was of revenue nature and claimed the same by way of deduction, the same cannot be held to be a case of concealment coming within the scope of Section 271(1)(c) of the Act. - No penalty - Decided in favor of assessee.
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