2019 (2) TMI 1277

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.... Income Tax Appellate Tribunal ("the Tribunal" for short) dated 8.1.2016 raising following question for our consideration:- "Whether on facts and circumstances of the case and in law, the Tribunal was right in deleting the penalty under Section 271(1)(c) of the Act, levied for unjustly claiming excess loss of textile unit even after the said unit was demerged?" 2. Facts on record would suggest ....

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....cessary modifications. This resulted into a loss return being converted into an assessment of positive income. The Assessing Officer also instituted penalty proceedings and imposed penalty under Section 271(1)(c) of the Income Tax Act. The issue eventually reached the Tribunal. The Tribunal by the impugned order, allowed the assessee's appeal and deleted the penalty interalia observing that t....