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TMI Blog2011 (2) TMI 1106X X X X Extracts X X X X X X X X Extracts X X X X ..... led his income or furnished inaccurate particulars, merely because the assessee treated it as a business loss, whereas the revenue treated it as a capital loss, the provisions contained under section 271(1)(c) - finding recorded by the Tribunal that the assessee did not conceal his income nor furnish the inaccurate particulars, are wholly justified and needs no interference. In favour of assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeals confirmed the order of Assessing Officer making addition of ₹ 15,40,818/-, as a capital loss. In the appeal, the Tribunal upholding the orders of the CIT Appeals held that the assessee had concealed certain facts. 5. On the basis of the aforesaid observation made by the Tribunal, the proceedings under section 271(l)(c) of the Act were initiated against the assessee. The Deputy Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act there should be concealment of particulars of income or furnishing of inaccurate particulars of such income. The Tribunal found that the assessees claimed it as a business loss whereas, revenue treated it as a capital loss and on that basis provisions of penalty under section 271(l)(c) of the Act can not be invoked. It held that for imposing penalty there should be concealment of income o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee treated it as a business loss, whereas the revenue treated it as a capital loss, the provisions contained under section 271(1)(c) of the Act would not attract. In the circumstances, we find no infirmity in the order passed by the Tribunal. 8. In our considered view, the finding recorded by the Tribunal that the assessee did not conceal his income nor furnish the inaccurate particulars, are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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