Allowing the appeal of the assessee the Tribunal held that the assessee has demonstrated its bona-fide by withdrawing said claim of set off long term capital gains in return of income pursuant to notice u/s 148.Every legal claim which was filed and which was not allowed by Revenue did not automatically lead to levy of penalty. As assessee voluntarily withdrew claim in return of income, no penalty was exigible. (AY.2005-06)
NSE IT Ltd . v. DCIT (2018)168 DTR 137 / 193 TTJ 813 (Mum.)(Trib.)
S. 271(1)(c) : Penalty – Concealment – Capital loss was not allowed to be carry forward – With drawn in return filed pursuance of notice u/s 148- Every legal claim which was filed and which was not allowed by Revenue did not automatically lead to levy of penalty. [S.147, 148]