COMMISSIONER OF INCOME Vs. NG TECHNOLOGIES LTD.

JUDGEMENT

(1.) This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ("Act", for short) pertains to assessment years 2006-07 and was admitted for hearing vide order dated 7th December, 2012, on the following substantial question of law:-

(2.) The order impugned passed by the Income Tax Appellate Tribunal (Tribunal, for short) is dated 13th September, 2010 and deletes the penalty imposed under Section 271(1)(c) of the Act.

(3.) The respondent-assessee had filed e-return for the assessment year in question on 30th November, 2006, declaring loss of Rs.1,89,44,380/-. In the return, under head profit and loss, the assessee had claimed business loss amounting to Rs.2,33,07,349/- on account of sale of fixed assets.