In absence of Tax Advantage and Huge Loss , Penalty not leviable

Assessing   Officer   has   observed   that   the contentions  of  the  Assessee  are  considered,  but  found  not  acceptable. From the contentions, what has been deduced is that the particulars of income filed by the Assessee were not correct or to put it in the language  of the Act, the Assessee has filed inaccurate particulars of its income. The Assessing  Officer  has  observed  that  the  Assessee  has  not  stated  any reasonable cause for failure on its part to report its true and correct profit. The Assessing...