Held, that, in identical facts and circumstances, the High Court had held that the deduction was allowable despite there being no positive business income by the assessee. The assessee cannot be charged with having furnished any inaccurate particulars of income so as to be liable to levy of penalty. Thus, the penalty was deleted. (AY. 1999-2000)
Atul Ltd. v. Dy. CIT (2023)101 ITR 11 (SN)(Ahd) (Trib)
S. 271(1)(c) : Penalty-Concealment-Capital gains-Denial of special deduction claimed against income from long term capital gain-No business income shown-High court decision in favour-Tribunal Denying Deductions On Basis Of Later Supreme Court Ruling-Deduction admissible-Not a case of furnishing inaccurate particular-Penalty not leviable. [S.45 8oG 80HHC 112(2)]