https://www.taxtmi.com/caselaws?id=236259 The Tribunal partly allowed the assessee's appeal, confirming the penalty for the amount where no valid explanation was provided regarding discrepancies in brought forward business losses. The penalty under Section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 16,98,378/- was upheld at a rate of 150% due to lack of plausible justification for the double claim. The Tribunal granted partial relief for a portion of the disputed amount but upheld the penalty for the remaining sum. en-us Wed, 05 Jun 2013 00:00:00 +0530 Wed, 21 Aug 2013 08:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236259 The Tribunal partly allowed the assessee's appeal, confirming the penalty for the amount where no valid explanation was provided regarding discrepancies in brought forward business losses. The penalty under Section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 16,98,378/- was upheld at a rate of 150% due to lack of plausible justification for the double claim. The Tribunal granted partial relief for a portion of the disputed amount but upheld the penalty for the remaining sum. Case-Laws Income Tax Wed, 05 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236259