https://www.taxtmi.com/caselaws?id=208741 The Tribunal held that the Commissioner of Income-tax (Appeals) erred in deleting the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal set aside the Commissioner's order and restored the penalty imposed by the Assessing Officer, ruling in favor of the Revenue. It was determined that the assessee's claim for set-off and carry forward of business loss was unsubstantiated and made with a mala fide intention, not qualifying for relief under the law. The Tribunal emphasized that the claim lacked a bona fide basis and upheld the penalty under section 271(1)(c) and Explanation 1 thereto. en-us Fri, 25 Feb 2011 00:00:00 +0530 Sat, 01 Jun 2013 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208741 The Tribunal held that the Commissioner of Income-tax (Appeals) erred in deleting the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal set aside the Commissioner's order and restored the penalty imposed by the Assessing Officer, ruling in favor of the Revenue. It was determined that the assessee's claim for set-off and carry forward of business loss was unsubstantiated and made with a mala fide intention, not qualifying for relief under the law. The Tribunal emphasized that the claim lacked a bona fide basis and upheld the penalty under section 271(1)(c) and Explanation 1 thereto. Case-Laws Income Tax Fri, 25 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208741