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2011 (4) TMI 1497 - ITAT MUMBAI
Extract:
......./s. 271(1)(c). However, in this case, considering all the facts, the assessee has claimed loss which are clearly not allowable and hence the lower authorities have rightly held that the assessee is to be imposed penalty u/s. 271(1)(c). 12. In the result, the appeal filed by the assessee is dismissed. Order pronounced on this 13th day of April, 2011