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ITAT Upholds disallowance of excessive loss claimed but Deletes Penalty
Case Law Details
- Case Name
- Sunil Kumar Somani Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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Sunil Kumar Somani Vs ACIT (ITAT Kolkata)
The ITAT Kolkata reviewed the case of Sunil Kumar Somani vs. ACIT, where the Assessing Officer (AO) disallowed a short-term capital loss (STCL) adjustment of ₹5,53,954 claimed by the assessee for AY 2015-16. The AO found that the loss had already been adjusted in the previous assessment year (2014-15). Upon being informed, the assessee admitted the error and argued that it was inadvertent, not intentional. Despite this, the AO imposed a penalty under Section 271(1)(c) of the Income Tax Act, alleging that the claim was unjustified. The penalty was lat...
