No penalty u/s 271(1)(c) for disallowance of administrative expenses claimed against LTCG

Amit Capital & Securities (P) Ltd. Vs ITO (ITAT Mumbai) Conclusion: Merely because assessee’s had claimed administrative expenditure which was not acceptable to Revenue, that by itself would not attract penalty under Section 271(1)(c) if there was absence of concealment and / or furnishing of inaccurate particulars of income. Held: Assessee was a share trading and investment company. AO determined the total income by treating capital gains as business income and it appeared that assessee had claimed all administrative expenses as deduction against long term capital gain which was re...