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2018 (2) TMI 95 - AT - Income TaxPenalty u/s 271(1)(c) - excess claim of set off of brought forward capital loss against the capital gain for the year under consideration - Held that:- Explanation of the assessee that the new Chartered Accountant who had filed her return of income for A.Y. 2011-12 had claimed the set off of the brought forward capital loss of A.Y. 2006-07 against the capital gain in the hands of the assessee for A.Y. 2011-12, merely going by the fact that there was unabsorbed capital loss in the hands of the assessee in A.Y. 2006-07, without realizing that the same to the extent of ₹ 16,80,280/- had been set off against the capital gain of the assessee in A.Y. 2008-09 carries substantial force. It is difficult for us to comprehend that the assessee had failed to come forth with a duly substantiated explanation which would go to irrefutably prove the bonafides of her aforesaid claim. We are unable to persuade ourselves to subscribe to the view of the lower authorities that the assessee had furnished a false explanation as regards raising of an excess claim of set off of brought forward losses for A.Y. 2006-07 against her income for the year under consideration, viz. A.Y. 2011- 12 - Decided against revenue
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