https://www.taxtmi.com/caselaws?id=425000 The Tribunal allowed the appeals for all three assessment years, condoning the delay in filing the appeals and directing the deletion of penalties levied under section 271(1)(c). The Tribunal upheld the validity of the set-off of losses against undisclosed income, emphasizing substantial justice and established legal precedents. The judgment highlights the significance of genuine reasons for delays and aligning penalty orders with quantum assessment outcomes. en-us Mon, 11 Jul 2022 00:00:00 +0530 Wed, 13 Jul 2022 07:51:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425000 The Tribunal allowed the appeals for all three assessment years, condoning the delay in filing the appeals and directing the deletion of penalties levied under section 271(1)(c). The Tribunal upheld the validity of the set-off of losses against undisclosed income, emphasizing substantial justice and established legal precedents. The judgment highlights the significance of genuine reasons for delays and aligning penalty orders with quantum assessment outcomes. Case-Laws Income Tax Mon, 11 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425000