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2015 (10) TMI 1393 - ITAT AHMEDABADPenalty u/s. 271(1)(c) - brought forward business loss can be set off against business income of the current year and the same cannot be set off against income of the current year which is chargeable under the head ‘income from other sources’ - advice given by the professional person - Held that:- Assessee claimed set off of brought forward business loss on his bonafide belief that the advice given by the professional person who is actively engaged in the profession of tax consultancy was correct. In the above circumstances, when the assessee makes a claim on the advice of a tax expert, though erroneous, and when complete particulars relating to the claim were truly and completely furnished by the assessee before the Assessing Officer, in our considered view, the assessee cannot be visited with penalty u/s. 271(1)(c) of the Act on the ground of furnishing of inaccurate particulars of income. We, therefore, delete the penalty - Decided in favour of assessee.
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