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Soma Textiles & Industries Ltd.,, ... vs The Dcit, Circle-4(1)(1), Ahmedabad on 28 August, 2024
cites
C.I.T.,Ahmedabad vs Reliance Petroproducts Pvt.Ltd on 17 March, 2010
7. We have heard both the parties and perused all the relevant material available
on record. It is pertinent to note that in quantum appeal the Tribunal has confirmed
the addition in respect of disallowance of loss on Forex Derivatives treating it as
speculative loss and disallowance of Foreign Exchange Fluctuation loss which was
claimed by the assessee as per the assessee's understanding. The advice given to
the assessee by the Consultant cannot be termed as furnishing of inaccurate
particulars of income as envisaged under Section 271(1)(c) of the Act for penalty
provisions. The decision of Hon'ble Apex Court in the case of Reliance Petroproducts
ITA No.53/Ahd/2022
Assessment Year: 2008-09
Page 4 of 4
Pvt. Ltd. (supra) is categorically applicable in the assessee's case and, therefore, the
penalty levied under Section 271(1)(c) of the Act is not justifiable on the part of the
Assessing Officer. Thus, the penalty is deleted.
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