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| The Tax Publishers2020 TaxPub(DT) 4973 (Del-Trib) INCOME TAX ACT, 1961
Section 271AAA
Where assessee offered additional income pursuant to search action after adjusting brought forward unabsorbed short-term capital loss, considering fact that claim of assessee was upheld by Tribunal in quantum proceedings, there was no shortfall in the payment of taxes on the brought forward losses resulting into assessee being liable for penalty under section 271AA.
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Penalty under section 271AAA - Validity - Alleged shortfall in the payment of taxes on the brought forward losses -
Assessee offered additional income pursuant to search action. Additional income in return of income was shown after adjusting brought forward unabsorbed short-term capital loss. AO alleged that non-declaration of additional income amounted to retraction from the statement recorded under section 132(4) and imposed penalty under section 271AAA. Held: It was found that claim of assessee of adjusting brought forward capital loss against the income declared pursuant to the search was upheld by Co-ordinate Bench of Tribunal and since order of the Tribunal in quantum proceedings attained finality, then, assessee was fully justified in reducing the unabsorbed short-term brought forward capital loss against the income. Thus, there was no shortfall in the payment of taxes on the brought forward losses resulting into assessee being liable for penalty under section 271AA.
REFERRED : Roop Kishore Madan v. DCIT [ITA No.2789/Del/2015 order dt. 29-7-2020]
FAVOUR : In assessee's favour.
A.Y. : 2011-12
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