RAJENDRA J PATEL Vs. ASSTT CIT (OSD)

JUDGEMENT

(1.) BEING aggrieved by and dissatisfied with the impugned Judgement and Order dtd. 4/1/2013 passed by the Income Tax Appellate Tribunal (hereinafter referred to as "the ITAT) in ITA No.2308/Ahd/2012 with respect to AY 2008 -09, the assessee has preferred the present Tax Appeal with the following proposed question of law :

(2.) THAT the assessee filed return of income for the AY 2008 -09. Subsequently, assessment under section 143(3) of the Income Tax Act was made, thereby disallowance of set off of carry forward business loss of Rs.11,50,459/ - was made by the AO and the penalty proceedings were also initiated. That thereafter, penalty proceedings under section 271(1)(c) of the Income Tax Act came to be initiated. It was the case on behalf of the assessee that due to mistake by the Tax Consultant of the assessee, the claim of set off of carry forward business loss was made against the income from other source during the year under consideration, which was not admissible. It was submitted that mistake was due to oversight of the Tax Consultant and subsequently a revised working of total income was also furnished. Therefore, it was requested not to levy penalty under section 271(1)(c) of the Income Tax Act.

(3.) HEARD Mr.Divatia, learned counsel appearing on behalf of the appellant and Mr.Manish Bhatt, learned counsel appearing on behalf of the respondent revenue.