ITA 1488/Mum/2016 LML Ltd

Parties Involved

Facts Summary

The assessee, LML Ltd, filed its return of income on 30/10/2007 declaring a loss of Rs.47,19,66,427/-. An assessment under section 143(3) of the Act was completed on 12/12/2009 determining a total loss of Rs.35,33,07,050/-. The Assessing Officer disallowed short term capital gains claimed by the assessee to Rs.7,29,18,297/-. The Assessing Officer initiated penalty proceedings under section 271(1)(c) for concealing the particulars of income. The assessee withdrew the claim pertaining to the short term capital gain during the quantum proceedings before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) deleted the penalty, holding that it was not a case for concealment. The revenue appealed against this order to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) was right in deleting the penalty levied under section 271(1)(c) of Rs. 2,22,24891/-?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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