Penalty Deleted as Incorrect Carry-Forward Loss Claim was Bona Fide Error: ITAT Chandigarh

Rohit Jain Vs ITO (ITAT Chandigarh) The appeals concern two matters filed by the assessee before the ITAT Chandigarh. The first appeal, ITA No. 451/CHD/2025, challenges quantum additions confirmed by the CIT(A). The second appeal, ITA No. 452/CHD/2025, relates to the penalty imposed under Section 271(1)(c) for the same assessment year 2013–14. Condonation of Delay In ITA No. 451/CHD/2025, the assessee filed the appeal with a delay of 1,350 days. An application for condonation explained that the assessee was a partner in a firm that suffered major losses and closed its operations in financial...