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2015 (2) TMI 618 - AT - Income TaxPenalty u/s 271(1)(c) - failure of the assessee to compute the book profit and tax payable by it under Section 115JB of the Act - CIT(A) deleted the levy - Held that:- It is not on account of computational difference, but on account of failure of the assessee to report the book profit under Section 115JB, that the addition was made. Nevertheless, we do appreciate there could have been difference with regard to the carried forward loss claimed by the assessee for assessment year 2002-03 at ₹ 60,81,430/- and considered by the Assessing Officer at ₹ 21,47,324/-. For the levy of penalty, we are of the opinion that Assessing Officer had to consider the claim of carried forward loss for assessment year 2002-03 as ₹ 60,81,430/-. Vis-à-vis the claim of carried forward loss for assessment year 2003-04, there was no difference in the claim of the assessee and that considered by the Assessing Officer. For the limited purpose of correctly working out the amount of unabsorbed loss available for set-off, we remit the issue back to the file of the Assessing Officer. A.O. has to recompute the penalty accordingly. - Decided partly in favour of revenue.
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