2013 (1) TMI 630

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....espondent.   HEMANT GUPTA, J.(Oral)   The present appeal under Section 260-A of the Income Tax Act, 1961 arises out of an order passed by the Income Tax Appellate Tribunal, Chandigarh Bench `B', Chandigarh (for short "the Tribunal") on 31.10.2011, whereby an appeal of the assessee imposing penalty under Section 271(1) (C)(iii) was dismissed. The assessee has raised the following substa....

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....he case, is perverse being based on no evidence and influenced with extraneous considerations?" We have heard learned counsel for the parties and find no merit in the present appeal. The appellant has transferred majority of his shares to a firm, which is closely connected with the appellant at a lower rate vis-avis rate prevalent in the stock exchange on the relevant date. The Commissioner of In....

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....m of loss made by the assessee. It is also not a case of mere disallowance of loss by the AO. It is a case of false claim of excessive loss made by the assessee, though supported specious and spurious contentions. In view of the false claim, the present case squarely falls within the purview of Section 271(1)(c)(iii) & Explanation I thereto." Since the transaction of sale of the shares by the a....