Prosecution proceedings cannot be initiated for wrong calculation of loss by assessee

INCOME TAX : Where penalty was levied on assessee for wrong calculation of loss, but, same was not supported by books of account or other documents and there was no concealment of income, continuation of prosecution against assessee would amount to abuse of process of law and hence, said criminal proceedings were to be quashed and set asideINCOME TAX : Where penalty was levied on assessee for wrong calculation of loss, but, same was not supported by books of account or other documents and there was no concealment of income, continuation of prosecution against assessee would amount to abuse of process of law and hence, said criminal proceedings were to be quashed and set asidewww.taxmann.com Latest Case LawsRead More

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