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| The Tax Publishers2020 TaxPub(DT) 4265 (Mum-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Mere disallowance of set-off of business loss against income from other sources claimed by the assessee could not be a basis for levy of penalty as assessee had made a claim under the bona fide belief that it was allowable under the law.
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Penalty udner section 271(1)(c) - Concealment - Disallowance of set-off of business loss - Claim made under bona fide belief
AO levied penalty under section 271(1)(c) on the ground of disallowance of set-off of business loss against income from other sources. Held: Claim of the assessee was in consideration of the financial statements and the assessee adopted one of the possible views that the business loss can be set off against the income from other sources. Thus, mere disallowance of set-off claimed by the assessee could not be a basis for levy of penalty.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, MUMBAI BENCH
RAJESH KUMAR, A.M. & PAVAN KUMAR GADALE, J.M.
Til Investments (P) Ltd. v. ITO
ITA No. 4418/Mum/2018
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