No penalty for Bona fide belief that capital loss was not required to be considered U/s. 10(38)

DIT Vs. Nomura India Investment Fund (Bombay High Court) Provisions of section 271(1)(c) can only be invoked upon satisfaction of the ingredients as laid down in the said section. In the present case, it appears that the assessee had disclosed in its return the loss of Rs. 80.64 Crores sustained by him and further in the return, note was also given that it reserves its right to carry forward the loss. The same was made by the assessee keeping in mind its interpretation of section 10(38) of the Income Tax Act. According to the Assessee, the assessee bona fidely believed that under section 10(38...