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No Tax, No Under-Reporting: ITAT Mumbai Deletes 270A Penalty on Mere Re-classification of Loss
Case Law Details
- Case Name
- ACIT Vs Glorishine Impex Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Glorishine Impex Private Limited (ITAT Mumbai)
No Tax, No Under-Reporting: ITAT Mumbai Deletes 270A Penalty on Mere Re-classification of Loss
The Revenue appealed against the NFAC order deleting a ₹14.09 crore penalty u/s 270A levied on Glorishine Impex Pvt Ltd. Assessee, engaged in commodity trading, had claimed business loss of ₹79.40 crore on settlement of forward contracts with Ruchi Soya & others. AO held that since there was no actual delivery, the loss was speculation loss u/s 43(5) & re-classified it accordingly. Importantly, the quantum of loss was...
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