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2017 (11) TMI 1935 - ITAT MUMBAIPenalty u/s. 271(1)(c) - change in head of income - HELD THAT:- There is no change in the loss figures offered by the assessee in the return of income. The assessee offered the loss under the head capital gains which, in the opinion of Ld. AO, was assessable under the head business income - basic condition viz. furnishing of inaccurate particulars / concealment of particulars of income so as to attract the provisions of Section 271(1)(c) have remained unfulfilled in the present case. Therefore, penalty was not justified and the stand of Ld. CIT(A) was quite fair & logical and hence, the same do not require any interference on our part. Revenue’s appeal stands dismissed.
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