No Penalty Imposed for Good Faith Claim on Business Loss Set-Off u/s 271(1)(c.

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....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....