Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 896 - AT - Income TaxLevy of penalty u/s 271(1)(c) - furnishing inaccurate particulars of income in respect of loss claimed on account of write off of investments - claim of expenditure which was not accepted or was not acceptable to the revenue - Held that:- Assessee has furnished necessary details in respect of claim of loss on account of write off of investments in shares in return of income - assessee has claimed set off of such loss against long term capital gain derived from sale of agricultural land - the said long term capital gain has been withdrawn by filing revised statement of total income during the course of assessment proceedings. The AO made addition towards long term capital gain; however, on appeal before ITAT, the ITAT deleted addition made by the AO towards long term capital gain computed on transfer of agricultural land. Since the assessee has made a claim of set off of loss on account of write off of investments in shares against along term capital gain derived from transfer of land and such long term capital gain has been finally deleted by the ITAT, we are of the considered view that the claim made by the assessee is a bonafide claim and hence, the AO was erred in levying penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - hence AO is directed to delete the penalty - Decided in favor of assessee.
|