https://www.taxtmi.com/caselaws?id=68823 Penalty under section 271(1)(c) was considered in the context of set-off of brought forward losses. The applicable principle was that concealment or inaccurate particulars must result in tax sought to be evaded, and penalty cannot be computed on an income figure before mandatory loss adjustment. After giving effect to the brought forward losses, the returned and assessed income became nil, leaving no tax payable for the relevant year. On that basis, the penalty was treated as unsustainable and the cancellation by the first appellate authority was affirmed. en-us Fri, 27 Jun 2008 00:00:00 +0530 Tue, 07 Aug 2012 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68823 Penalty under section 271(1)(c) was considered in the context of set-off of brought forward losses. The applicable principle was that concealment or inaccurate particulars must result in tax sought to be evaded, and penalty cannot be computed on an income figure before mandatory loss adjustment. After giving effect to the brought forward losses, the returned and assessed income became nil, leaving no tax payable for the relevant year. On that basis, the penalty was treated as unsustainable and the cancellation by the first appellate authority was affirmed. Case-Laws Income Tax Fri, 27 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68823