Evan after addition if there is a loss penalty could be imposed

Evan after addition if there is a loss penalty could be imposed if by virtue of wrong claim not made bona fide HIGH COURT OF GUJARAT Subhash S. Shah Versus Income-tax Officer TAX APPEAL NO. 129 OF 2012 DATE OF PRONOUNCEMENT : NOVEMBER 5, 2012 ORDER Akil Kureshi, J. – The appellant has challenged an order dated 20.10.2011 passed by the Income Tax Appellate Tribunal(“the Tribunal” for short) confirming penalty under section 271(1)(c) of the Income Tax Act, 1961 (“the Act” for short) of Rs. 1,18,611/- imposed on the assessee by the Assessing Officer...