Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 215 - ITAT DELHIPenalty levied u/s 271(1)(c) – AO specifically mentioned that carry forward of long term capital loss is allowed but since there was a change in the majority shareholding in the previous year, the loss was disallowed to be carried forward under the provision of Section 79 - Held that:- The assessee rightly contended that the carry forward of long term capital loss for AY 2005-06 and 2006-07 had been duly accepted as correct as per returns filed and assessment orders passed by the AO in the relevant years - the assessee had furnished any inaccurate particulars of income or had made any wrong claim of carry forward of long term capital loss - the disallowance of carry forward of the long term capital loss was on technical ground and not on account of any concealment of any particular of income - relying upon Mak Data P Ltd. vs. CIT-II [2013 (11) TMI 14 - SUPREME COURT] - section 271(1)(c) postulates imposition of penalty for furnishing of inaccurate particulars and concealment of income - the assessee’s conduct cannot be said to be contumacious so as to warrant levy of penalty – thus, the levy of penalty is not justified – Decided in favour of assessee.
|