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2017 (6) TMI 445 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- It is evident from the record that the returned income and assessed income under normal provisions have been computed as ‘Nil’ after set-off of unabsorbed depreciation and brought forward business losses. The quantum addition of ₹ 69.63 Lacs has resulted into adjustment in the figures of unabsorbed depreciation & brought forward business losses. The tax payable figures of ₹ 1.07 crores on book profits u/s 115JB has been accepted by the revenue as evident from ‘Income Tax Computation Form’ issued pursuant to assessment u/s 143(3). Thus penalty deleted. - Decided in favour of assessee.
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