TMI Blog2013 (3) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... osed in its return of income as is evident from the fact that the assessing officer gathered information about the carry forward loss and sale of units from return filed by the respondent-assessee. The Tribunal correctly held that the from the aforesaid facts at the highest it can be said that the claim of the assessee was not sustainable in law but there was no furnishing of inaccurate particular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he setting off of loss against other source of income under the same head arising out of sell of units US-64 to be exempted u/s.10(33) as income includes loss which has been accepted by the assessee before the ITAT during the course of quantum appeal ? (ii) Whether the ITAT was justified in allowing the appeal by deleting the penalty imposed on the assessee under Section 271(1)(c) of the I.T. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icular source was exempt from tax then the loss from such source could not be set off from another source under the same head of income. In view of the above, the assessing officer also initiated penalty proceedings and imposed penalty under Secton 271(1)(c) of the income Tax Act, 1961. 5. In appeal, CIT (A) upheld the order of assessing officer levying penalty. 6. On further appeal, the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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