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| The Tax Publishers2020 TaxPub(DT) 1070 (Del-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Since due to inadvertent unintentional error, forex loss was claimed as revenue expenditure, thus, such inadvertent claim of expenditure would not, ipso facto, amount to concealment of income or furnishing of inaccurate particulars of income to levy penalty under section 271(1)(c).
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Penalty under section 271(1)(c) - Validity - Forex loss claimed as revenue loss by mistake -
Assessee challenged imposition of penalty under section 271(1)(c) because assessee had claimed forex loss as revenue expenditure. Held: While preparing return of income, due to inadvertent unintentional error, forex loss was claimed as revenue expenditure. Thus, inadvertent claim of expenditure would not, ipso facto, amount to concealment of income or furnishing of inaccurate particulars of income to levy penalty under section 271(1)(c).
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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