ITO added income resulting in decrease in loss . for example ABC & Co. Filed return of loss of Rs. 7,80,000.00 for AY 2012-13. At the time of assessment procedure, ITO added income (Cash Credit u/s 68) of Rs, 4,00,000.00 and now net loss of Rs. 3,80,000.00 Whether penalty u/s 271(1)(c) for Cash credit u/s 68 is applicable for loss making company? When the penalty shall be imposed, at the time when company has set off all losses or in the year of loss???
Thank you in advance