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2017 (9) TMI 1224 - AT - Income TaxPenalty u/s. 271(1)(c) - addition on account of disallowance of capital loss - Held that:- Since, the case of assessee is at parity with sister concern Nath Seeds Ltd. (supra), we find no reason to take contrary view. Accordingly, we direct the cancellation of penalty on disallowance of capital loss as held Assessee discharged the initial or preliminary onus cast him in so far as furnishing of correct particulars. We don't find any inaccuracy in matters of furnishing of details/particulars. Thus, it is not the case of deemed concealment by way of furnishing of particulars. Hence, it is not the fit case of levy of concealment penalty u/s.271(1)(c) - Decided in favour of assessee.
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