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2016 (4) TMI 79 - AT - Income TaxPenalty levied u/s 271(1)(c ) - Disallowance of loss - Held that:- A perusal of the documentary evidences take to a conclusion that the assessee has demonstrated the genuineness of the transaction. The enquiry itself was taken up by the revenue authorities many years after the transaction took place. In view thereof, the claim of loss of ₹ 7,42,631.78 incurred by the assessee in purchase and sale of cotton bales through M/s Garg Enterprises has to be allowed. Allowability of loss in respect of transactions with M/s Chandulal Mohan Lal - Held that:- The loss has to be allowed, as the assessee has demonstrated the genuineness of the same Loss in the case of M/s Sita Ram Sher Singh and M/s Mahalaxmi Cotton P.Ltd. - Held that:- As loss claimed should be allowed, though there are certain deficiencies on the part of the assessee. The deficiencies are not such that the assessee’s claim could be disallowed. Thus the penalty has no legs to stand. - Decided in favour of assessee
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