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2017 (12) TMI 1341 - AT - Income TaxPenalty levied u/s.271(1)(c) - assessee made a wrong claim by showing the speculation loss as business loss of the assessee - Held that:- On similar circumstance the Hon'ble Delhi High Court in the case of CIT v. Auric Investment and Securities Ltd (2007 (7) TMI 276 - DELHI HIGH COURT) held that there was nothing on record to show that on furnishing its return of income, the assessee had either concealed its income or had furnished any inaccurate particulars of income. The mere treatment of business loss as speculation loss by the Assessing Officer did not automatically warrant the inference of concealment of income. - Decided in favour of assessee.
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