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2019 (2) TMI 1277 - HC - Income TaxPenalty u/s 271(1)(c) - claiming excess loss of textile unit even after the said unit was demerged - HELD THAT:- At the time, when the assessee filed the return, the scheme for demerger was in pipeline. The assessee, therefore, had to make the claim in the return filed as if the profit or loss belongs to the company. The scheme of demerger was approved by the High Court which would take effect from earlier date. The assessee promptly brought these developments to the notice of the Assessing Officer and invited the order of reassessment making necessary adjustments in terms of the order of demerge - while filing the return itself, the assessee had brought to the notice of the Revenue that the scheme of demerger was pending before the High Court. The Tribunal, therefore, correctly deleted the penalty - Decided in favour of assessee.
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