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2013 (8) TMI 811 - ITAT MUMBAIPenalty u/s 271(1)(a) of the Income Tax Act – Claim of loss on account of transfer of units of US-64 and and also carry forward and set-off of loss in subsequent years - Disallowance of the loss on the transfer of units of US-64 - Conversion of the units into tax-free bonds by the UTI, the issuer, at a per unit price of Rs.12/- as against the face value (cost) of Rs.10/- per unit - Assessee had in its return of income filed a note with its computation of income disclosing all details about the sale of US 64 units, the loss and resultant carry forward – Held that:- Reliance is placed upon the judgment in the case of Sandvik Asia Ltd. vs. CIT [2004 (1) TMI 45 - BOMBAY High Court] and it was held that at the highest it can be said that the assessee's claim is not sustainable in law, and which would not make it susceptible to penalty, and which is without doubt the ratio of the decision in the case of Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT ]. Further, decision by the hon'ble high court in the case of Nalin P. Shah & Othrs.[2013 (8) TMI 496 - ITAT MUMBAI] is rendered in an identical fact situation, wherein it has been held that the impugned claim is not liable to be visited with penalty u/s. 271(1)(c) as there is under the circumstances no furnishing of inaccurate particulars of income. The fact situation in the instant case being identical, therefore, constrained on the ground of consistency to adopt the same view as has found approval by the hon'ble jurisdictional high court – Decided in favor of Assessee.
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