Friday 25 September 2015

No penalty due to difference of opinion on addition of remission of liability if all facts were duly

IT : Where assessee merely failed to consider section 41(1) in respect of benefit accruing to it vide Government Resolution to reduce liability towards purchase cost of electricity from State Electricity Board but assessee had placed all facts on record, penalty levied under section 271(1)(c) was unjustified

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