https://www.taxtmi.com/caselaws?id=271340 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) canceling the penalty for a claimed business loss that was disallowed during assessment proceedings. The Tribunal found that there was no intent to conceal income as the claimed expenditure was for a business that was set up but not commenced, and there was no intent to carry forward the loss. The Tribunal also noted the automatic reflection of carry forward loss in the E-return and the absence of such claims in subsequent years. The appeal was dismissed as no substantial question of law arose. The application of Explanation 4 to Section 271(1)(c) regarding deemed concealment of loss reduction was not entertained as it was not the grievance before the Tribunal. en-us Mon, 18 Jan 2016 00:00:00 +0530 Sat, 18 Jun 2016 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271340 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) canceling the penalty for a claimed business loss that was disallowed during assessment proceedings. The Tribunal found that there was no intent to conceal income as the claimed expenditure was for a business that was set up but not commenced, and there was no intent to carry forward the loss. The Tribunal also noted the automatic reflection of carry forward loss in the E-return and the absence of such claims in subsequent years. The appeal was dismissed as no substantial question of law arose. The application of Explanation 4 to Section 271(1)(c) regarding deemed concealment of loss reduction was not entertained as it was not the grievance before the Tribunal. Case-Laws Income Tax Mon, 18 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271340