https://www.taxtmi.com/caselaws?id=758108 ITAT Delhi held that penalty u/s 271(1)(c) was wrongly levied on assessee for denial of long-term capital loss carry forward. The tribunal found that provisions of section 115QA and consequentially section 10(34A) were not applicable to the case facts, making the AO's denial of carry forward legally incorrect. Since the assessee had not challenged this in quantum proceedings, penalty was imposed. However, tribunal ruled that denial of long-term capital loss was unsustainable in law, and no inaccurate particulars were furnished as all details were available in income tax computation sheet. This constituted only an incorrect claim, not furnishing inaccurate particulars, citing SC precedents. Penalty deleted, decided in favour of assessee. en-us Thu, 29 Aug 2024 00:00:00 +0530 Sat, 07 Sep 2024 08:18:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758108 ITAT Delhi held that penalty u/s 271(1)(c) was wrongly levied on assessee for denial of long-term capital loss carry forward. The tribunal found that provisions of section 115QA and consequentially section 10(34A) were not applicable to the case facts, making the AO's denial of carry forward legally incorrect. Since the assessee had not challenged this in quantum proceedings, penalty was imposed. However, tribunal ruled that denial of long-term capital loss was unsustainable in law, and no inaccurate particulars were furnished as all details were available in income tax computation sheet. This constituted only an incorrect claim, not furnishing inaccurate particulars, citing SC precedents. Penalty deleted, decided in favour of assessee. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758108