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2016 (12) TMI 496 - PUNJAB & HARYANA HIGH COURT

2016 (12) TMI 496 - PUNJAB & HARYANA HIGH COURT - [2017] 391 ITR 117 - Penalty u/s 271(1)(c) - rejection of the patently wrong claim of the assessee of setting off of brought forward business loss in its return of income - ITAT deleted penalty levy - Held that:- Tribunal noted that the respondent had claimed the set off of its business income of ₹ 1.85 crores against the brought forward business losses of the earlier years on the basis of a legal opinion received from a leading firm of Cha .....

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nd not merely because a notice had been issued under Section 143(2) of the Act. This is a perception on the basis of the facts of the case and warrants no interference. - As there is no financial implication on account of the change in the basis of the claim, no substantial question of law arises in this case. - Decided against revenue - ITA-347-2015 (O&M) - Dated:- 30-11-2016 - S. J. Vazifdar, CJ And Deepak Sibal, JJ. Mr. Tajender K. Joshi, Advocate, for the appellant Mr. Salil Kapoor, Advo .....

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of the Income Tax Act, 1961 of ₹ 62,41,758/-? 2. Whether on the facts and in the circumstances of the case and in law, the Hon ble Tribunal was justified in holding that rejection of the patently wrong claim of the assessee of setting off of brought forward business loss in its return of income would not amount to furnishing of inaccurate particulars of income/concealment of income and would not be liable for penalty u/s 271(1)(c) of the IT Act, 1961? 3. The question is whether the assess .....

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