https://www.taxtmi.com/caselaws?id=279430 The Appellate Tribunal ITAT Chandigarh upheld the decision of the CIT(A) to delete the penalty under section 271(1)(c) in a case involving the disallowance of an excess claim of carry forward losses by the assessee. The Tribunal found that there was no concealment of income or furnishing of inaccurate particulars, emphasizing that the excess claim was a result of a bonafide mistake. Referring to relevant case law, the Tribunal concluded that penalties cannot be imposed solely based on non-compliance without evidence of concealment or inaccuracies. The appeal filed by the Revenue was dismissed, affirming the deletion of the penalty. en-us Mon, 03 Aug 2015 00:00:00 +0530 Mon, 18 Mar 2019 06:52:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279430 The Appellate Tribunal ITAT Chandigarh upheld the decision of the CIT(A) to delete the penalty under section 271(1)(c) in a case involving the disallowance of an excess claim of carry forward losses by the assessee. The Tribunal found that there was no concealment of income or furnishing of inaccurate particulars, emphasizing that the excess claim was a result of a bonafide mistake. Referring to relevant case law, the Tribunal concluded that penalties cannot be imposed solely based on non-compliance without evidence of concealment or inaccuracies. The appeal filed by the Revenue was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Mon, 03 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279430