I want a case law, if available, for the following condition:
The assessing Officer issued a notice to the assessee. When assessee checked the notice he found that by mistake in earlier period he claimed brought forward losses on belated return. So he told it to the AO and paid the tax and interest on it. Later on the AO has issued penalty u/s 271(1)(c) to the assessee. But the assessee claimed the loss by mistake and suo moto he told it to the AO.
Is there any case law which can help the assessee now.
CAclubindia
