Allowing the appeal the Tribunal held that  against the order of the Assessing Officer disallowing the set off of brought forward loss of Rs. 49,83,312, the assessee had carried the matter before the Tribunal. The Tribunal had held that the assessee was eligible for set-off of brought forward loss against the income declared by him. Thus, when the claim of the assessee of adjusting the brought forward capital loss against the income declared pursuant to the search had been upheld by the Tribunal and since such order in quantum proceedings had attained finality, the assessee was justified in reducing the unabsorbed short-term brought forward capital loss against the income and paying tax on the resultant income. Penalty was not imposable under section 271AAA. (AY.2011-12)