Section 271(1)(c) Penalty Deleted for Revenue-Neutral Loss Claim

Synergy Art Foundation Ltd. Vs DCIT (ITAT Mumbai) Penalty u/s 271(1)(c) Deleted Where Loss Claim Withdrawn and No Tax Benefit Availed The Mumbai ITAT (G Bench) allowed the appeal of Synergy Art Foundation Ltd. for AY 2012-13 and deleted the penalty of ₹8.44 lakh levied under section 271(1)(c), holding that the case did not warrant imposition of concealment penalty. The Tribunal held that: The assessee had originally claimed a capital loss of ₹26.06 lakh, which was subsequently withdrawn during assessment proceedings when called upon to justify the claim. The returned income for the year w...