Where assessee made wrong claim for loss on sale of US-64 units, but disclosed same in return, there was no concealment of income

[2013] 40 taxmann. com 86 (Bombay)

HIGH COURT OF BOMBAY

Commissioner of Income-tax - 14, Mumbai

v.

Nalin P. Shah (HUF)*

Section 271(1)(c), read with section 10(33) of the Income-tax Act, 1961 - Penalty - For concealment of income [Disallowance of claim, effect of] - Assessment year 2004-05 - Assessee claimed loss on sale of US-64 units and filed a note of computation with return - Assessing Officer disallowed loss as income from sale of US-64 units is exempt under section 10(33), loss on same is not allowable - Assessing Officer also imposed penalty for concealment of income under section 271(1)(c) - Whether, where assessee made wrong claim for loss on sale of US-64 units, but disclosed same in return, there was no furnishing of inaccurate particulars or concealment of income and penalty was to be set aside - Held, yes [Para 6] [In favour of assessee]