2015 (2) TMI 908

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..... R. JUSTICE S. RAVINDRA BHAT (OPEN COURT) 1. The revenue is aggrieved by the order of the Income Tax Appellate Tribunal (hereinafter referred to as "the ITAT") in ITA No.6487/Del/2013. It urges that the deletion of the penalty amounts, as a consequence of the impugned order, is based upon erroneous reasons. 2. The assessee's claim in respect of assessment year (AY) 2006-07 under two heads i.e. re .....

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..... ent of expenses is concerned the ITAT in its quantum proceedings upheld the revenue's position that such reimbursement ought to have been claimed at the relevant time instead of 2007-08 when it was actually done. The learned counsel secondly argued that the claim for long term capital loss was also suspect in the background of circumstances given that the previous transaction with Mr. Rana Iqbal S .....

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..... they were directed to be deleted in appellate proceedings. Given these set of facts the ITAT felt that at least penal action was not warranted even though in quantum proceedings the assessee might have failed. We see no infirmity in the findings which are based upon pure appreciation of facts. So far as the penalty imposed on account of the quantum of capital loss made by the assessee goes, this .....

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