https://www.taxtmi.com/highlights?id=54456 Penalty u/s 271(1)(c) - The AO as well as the CIT(A) only proceeded on the basis that there was no income during the year therefore there is no business activity, but the same is fallacy and cannot be taken as the basis for imposing the penalty. - AT en-us Mon, 24 Aug 2020 12:07:29 +0530 Mon, 24 Aug 2020 12:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=54456 Penalty u/s 271(1)(c) - The AO as well as the CIT(A) only proceeded on the basis that there was no income during the year therefore there is no business activity, but the same is fallacy and cannot be taken as the basis for imposing the penalty. - AT Highlights Income Tax Mon, 24 Aug 2020 12:07:29 +0530 https://www.taxtmi.com/highlights?id=54456