Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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. - AT
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. - AT
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