Making a Wrong Claim not amount to ‘concealment of inaccurate information’, No Penalty: Bombay HC [Read Order]

The Bombay High Court held that making a wrong claim is not at par with concealment or giving inaccurate information which may call for levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The assessee, Ventura Textile Ltd. is a resident company. The assessee filed its return of income declaring total loss. […]

from Taxscan | Simplifying Tax Laws https://ift.tt/2UZSA3c