https://www.taxtmi.com/highlights?id=55190 Penalty u/s 271(1)(c) - set off of business loss against income from other sources disallowed - Claim of the assessee is in consideration of the financial statements and the assessee adopted one of the possible views that the business loss can be set off against the income from other sources. The assessee has made a claim under the bonafide belief that it is allowable under the law. - No penalty - AT en-us Fri, 16 Oct 2020 13:54:38 +0530 Fri, 16 Oct 2020 13:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55190 Penalty u/s 271(1)(c) - set off of business loss against income from other sources disallowed - Claim of the assessee is in consideration of the financial statements and the assessee adopted one of the possible views that the business loss can be set off against the income from other sources. The assessee has made a claim under the bonafide belief that it is allowable under the law. - No penalty - AT Highlights Income Tax Fri, 16 Oct 2020 13:54:38 +0530 https://www.taxtmi.com/highlights?id=55190