2019 (1) TMI 1338

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....evenue : Mr. Pankaj Kumar, DR ORDER PER N.K. PRADHAN, AM This is an appeal filed by the assessee. The relevant assessment year is 2010-11. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-6, Mumbai [in short 'CIT(A)'] and arises out of the penalty levied u/s 271(1)(c) of the Income Tax Act 1961, (the 'Act'). 2. In the ground of appeal, the assessee h....

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....6,720/- for the year 2009-10 from the short term capital gain, which is not in accordance with the provisions of the Income Tax Act, 1961. Therefore, amount of the long term capital loss claimed as set off is disallowed and added back to the income of the assessee and charged to tax accordingly. The amount of disallowance is Rs. 5,46,720/-, which is added back to the total income. Penalty proceedi....

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....be nothing but to reduce incidence of tax and thereby evade tax to that extent. The appellant has also relied upon the decision in the case of CIT v. M.B. Engg. Works Pvt. Ltd. which is in respect of bringing sufficient material on record for imposition of penalty. In this the appellant has made a patently wrong claim, there is no further material required to be brought on record. The appellant ha....

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....and, the Ld. DR. relies on the order passed by the Ld. CIT(A). 6. We have heard the rival submissions and perused the relevant materials on record. We find that the AO vide order dated 06.11.2017 has allowed the set off of brought forward long term capital loss and short term capital loss pertaining to the AY 2009-10 to the extent income available i.e. Rs. 5,46,720/-. The AO passed the penal....