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2013 (11) TMI 973 - GUJARAT HIGH COURTPenalty u/s 271(1)(c) – Set off of business loss - Held that:- Due to bonafide mistake of the Tax Consultant of the assessee, the claim of set off of carry forward business loss was made against the income from other source during the year under consideration, which was not admissible - Immediately when it was brought to the notice of the assessee, a revised working of the total income was furnished - In absence of any supporting Affidavit of the Chartered Accountant that it was his bonafide mistake, both the learned CIT(A) as well as ITAT have not considered the aforesaid submission - The assessee has placed on record before the authorities Affidavit of the Chartered Accountant submitting that it was his bonafide mistake – The issue was restored for fresh decision.
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