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Section 271(1)(c) Penalty Deleted for Revenue-Neutral Loss Claim
Case Law Details
- Case Name
- Synergy Art Foundation Ltd. Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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Synergy Art Foundation Ltd. Vs DCIT (ITAT Mumbai)
Penalty u/s 271(1)(c) Deleted Where Loss Claim Withdrawn and No Tax Benefit Availed
The Mumbai ITAT (G Bench) allowed the appeal of Synergy Art Foundation Ltd. for AY 2012-13 and deleted the penalty of ₹8.44 lakh levied under section 271(1)(c), holding that the case did not warrant imposition of concealment penalty.
The Tribunal held that:
The assessee had originally claimed a capital loss of ₹26.06 lakh, which was subsequently withdrawn during assessment proceedings when called upon to justify the claim.
The returned income for the year w...
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