Saturday, 4 January 2014

An erroneous and unacceptable claim of set-off of losses can't be a reason to slap concealment penal

IT : Where Assessing Officer did not reject assessee's claim of set off of brought forward loss specifically by passing an assessment order, similar claim raised by assessee in subsequent assessment year would not amount to furnishing of inaccurate particulars of income so as to pass a penalty order under section 271(1)(c)


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