Consistent losses show mistake/ absence of intention to evade taxes

ITAT PUNE BENCH “A”, ITA.No.1121/PN/2011 (Asstt. Year : 2007-08) Amruta Organics Pvt. Ltd. Vs. DCIT Date of Pronouncement : 22.03.2013 ORDER PER G.S.PANNU, AM This appeal by the assessee is directed against the order of the CIT(A) dated 23.06.2011 and arises from an order passed by the Assessing Officer dated 22.06.2010 levying penalty u/s.271(1)(c) of the Income Tax Act, 1961 (in short ‘the Act’) amounting to Rs.64,320/- in relation to the A.Y. 2007-08. 2. The CIT(A) has since upheld the penalty levied by the Assessing Officer and thus the appeal of the assess...