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TMI Blog2017 (7) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... in mind its interpretation of Section 10(38) of the Income Tax Act. According to the Assessee, the Assessee bonafidely believed that under Section 10(38), the loss is not required to be considered and only income is required to be considered relying on the phraseology of the said provision. In the present matter, we are not testing the interpretation on the provisions of Section 10(38). However, suffice it to state that the assessee bonafidely and in good faith acted upon the said interpretation. It is also not a matter of debate that on the tax liability also, there was no effect of not setting off the said loss of ₹ 80.64 Crores. The Tribunal has considered the aspect in it's correct perspective. We do not see that the act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Assessing Officer initiated penalty proceedings under Section 271 (1)(c) and levied penalty of ₹ 17,02,90,407/. The Assessee filed an appeal before the Commissioner, the same was rejected. The Assessee thereafter filed an appeal before the Tribunal. The Tribunal has allowed the appeal. 4 Mr. Singh, the learned counsel for the appellant submits that the appeal is filed on following substantial questions of law : 1 Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in deleting the order of the CIT(A) without appreciating the fact that the order of the CIT (A) is derived from the provisions of the Income Tax Act ? 2 Whether on the facts and circumstances of the case and in law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f IncomeTax, U.P. vs. Manmohan Das (Deceased), reported in Income Tax Reports [Vol. LIX 1966], 699 is also misplaced and same is not relevant to the present facts of case. 6 Mr. Mistri, the learned Senior Counsel for the Respondent submits that the Assessee had not concealed any information or had given inaccurate particulars. In the return, the Assessee had given a note reserving his rights to carry forward loss of ₹ 80.64 Crores. The return filed by the Assessee was based on bonafide interpretation of 10 (38) of the Income tax Act. The said provision very categorically states that any income arising from the transfer of a long term capital asset, being an equity share in a Company or a Unit of an equity orientated fund. The said ..... X X X X Extracts X X X X X X X X Extracts X X X X
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