https://www.taxtmi.com/caselaws?id=14708 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to cancel the penalty imposed on a private limited company for inaccurate particulars of income. The company's disallowed depreciation and investment claims were based on an audit report indicating non-commencement of commercial production, leading to a nil profit. The Tribunal ruled that penalty imposition was unwarranted when an assessee shows a loss, as it does not constitute furnishing inaccurate particulars of income. The court directed the Tribunal to refer questions of law on penalty imposition in such cases, affirming that penalties cannot be levied solely on loss declarations. en-us Mon, 08 Mar 1999 00:00:00 +0530 Sat, 18 Jul 2009 11:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14708 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to cancel the penalty imposed on a private limited company for inaccurate particulars of income. The company's disallowed depreciation and investment claims were based on an audit report indicating non-commencement of commercial production, leading to a nil profit. The Tribunal ruled that penalty imposition was unwarranted when an assessee shows a loss, as it does not constitute furnishing inaccurate particulars of income. The court directed the Tribunal to refer questions of law on penalty imposition in such cases, affirming that penalties cannot be levied solely on loss declarations. Case-Laws Income Tax Mon, 08 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14708