[aaykarbhavan] Mere claiming forex fluctuation loss under wrong provision won't lead to levy of concealment penalty on assessee

Mere claiming forex fluctuation loss under wrong provision won't lead to levy of concealment penalty on assessee

November 20, 2014[2014] 49 taxmann.com 525 (Chennai - Trib.)/[2014] 32 ITR(T) 312 (Chennai - Trib.)/[2014] 66 SOT 30 (Chennai - Trib.)

IT : Merely because assessee had claimed deduction of foreign exchange fluctuation loss on account of acquisition of fixed assets wrongly under section 37 instead of dealing same under section 43A, no penalty would be levied under section 271(1)(c)

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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