https://www.taxtmi.com/caselaws?id=200577 The Appellate Tribunal ITAT Chandigarh ruled in favor of the assessee, holding that penalties under section 271(1)(c) of the Income Tax Act could not be imposed when income was assessed under section 115JB due to brought forward losses and depreciation. The penalty imposed by the Assessing Officer was deleted, and the appeal of the assessee was allowed while the appeal of the Revenue was dismissed. The judgment was pronounced on October 12, 2015. en-us Mon, 12 Oct 2015 00:00:00 +0530 Fri, 06 Apr 2018 07:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200577 The Appellate Tribunal ITAT Chandigarh ruled in favor of the assessee, holding that penalties under section 271(1)(c) of the Income Tax Act could not be imposed when income was assessed under section 115JB due to brought forward losses and depreciation. The penalty imposed by the Assessing Officer was deleted, and the appeal of the assessee was allowed while the appeal of the Revenue was dismissed. The judgment was pronounced on October 12, 2015. Case-Laws Income Tax Mon, 12 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200577