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2023 (1) TMI 871 - HC - Income TaxPenalty u/s 270AA - unabsorbed depreciation and business losses concerning earlier AYs - HELD THAT:- Our attention has been drawn to page 247 wherein the information with regard to the unabsorbed depreciation and business losses concerning earlier AYs is set forth. We are of the view that the best way forward would be to set aside the order and remand the matter to the concerned officer for carrying out a de novo exercise. It is ordered accordingly. This exercise will be completed by the concerned officer within the next eight weeks. Pending the exercise which we have directed the concerned officer to carry out, no precipitate steps will be taken against the petitioner.
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