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Penalty u/s.271(1)(c) - assessee s claim for unabsorbed depreciation in the computation of its book profit u/s. 115JB a little over 100 - Notably the provision does not employ the word losses . In fact even if it did it would only imply losses for all the preceding years taken cumulatively as reduced by the cumulative profit (for all these years). And at any rate may give rise to some doubt only in such a non-existent case. - Tri

Income Tax - Penalty u/s.271(1)(c) - assessee’s claim for unabsorbed depreciation in the computation of its’ book profit u/s. 115JB a little over 100% - Notably, the provision does not employ the word .....

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