https://www.taxtmi.com/highlights?id=56566 Penalty levied u/s 271(1)(c) - deferred tax asset written off debited in the profit and loss account as exceptional item but the same has not been disallowed in the computation of taxable income - In the instant case, the assessee had made an inadvertent computation error while filing its return of income and accordingly the same was accepted by them in the course of assessment. The assessee has not in any way taken any benefit by carrying forward a higher loss. - Penalty deleted - AT en-us Wed, 03 Feb 2021 09:51:35 +0530 Wed, 03 Feb 2021 09:51:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56566 Penalty levied u/s 271(1)(c) - deferred tax asset written off debited in the profit and loss account as exceptional item but the same has not been disallowed in the computation of taxable income - In the instant case, the assessee had made an inadvertent computation error while filing its return of income and accordingly the same was accepted by them in the course of assessment. The assessee has not in any way taken any benefit by carrying forward a higher loss. - Penalty deleted - AT Highlights Income Tax Wed, 03 Feb 2021 09:51:35 +0530 https://www.taxtmi.com/highlights?id=56566