ITAT Upholds disallowance of excessive loss claimed but Deletes Penalty

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...