https://www.taxtmi.com/caselaws?id=377747 The appellate tribunal allowed both appeals, overturning the denial of exemption under section 10A and the confirmation of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The tribunal emphasized that the deduction under section 10A should be calculated independently before adjusting any brought forward losses and concluded that the penalty for furnishing inaccurate particulars of income was not justified as there was no deliberate default on the part of the assessee. en-us Mon, 21 Jan 2019 00:00:00 +0530 Tue, 02 Apr 2019 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377747 The appellate tribunal allowed both appeals, overturning the denial of exemption under section 10A and the confirmation of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The tribunal emphasized that the deduction under section 10A should be calculated independently before adjusting any brought forward losses and concluded that the penalty for furnishing inaccurate particulars of income was not justified as there was no deliberate default on the part of the assessee. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377747