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2010 (2) TMI 868 - AT - Income TaxPenalty - deduction u/s.10A - penalty u/s 271(1)(c) was imposed in connection with a claim, made by way of a revised return, claiming a carry forward of loss in respect of loss incurred by one of the units and not claiming deduction u/s 10A on the aggregate of profits/losses of both the units that the assessee company has, but individually for the unit in which profit was earned - Assessing Officer levied penalty on ground that the assessee had filed inaccurate particulars of its income and concealed the income - Held that :- merely on that basis or quarrel, it cannot be held that the assessee has furnished inaccurate particulars or has concealed particulars of income or explanation furnished by the assessee is false, penalty under section 271(1)(c) cancelled, no concealment on part of the assessee, therefore, assessee's appeal stands allowed
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