S.J.VAZIFDAR,J. - (1.) This is an appeal against the order of the Tribunal allowing the respondent-assessee's appeal against the order of the CIT (Appeals) in respect of the assessment year 2004-2005.
(2.) According to the appellant, the following substantial questions of law arise: "1. Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was justified in cancelling the penalty u/s 271(1)(c) of the Income Tax Act, 1961 of Rs. 62,41,758/-? 2. Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was justified in holding that rejection of the patently wrong claim of the assessee of setting off of brought forward business loss in its return of income would not amount to furnishing of inaccurate particulars of income/concealment of income and would not be liable for penalty u/s 271(1)(c) of the IT Act, 1961?"
(3.) The question is whether the assessee is liable to penalty in view of its change of stand in respect of its return of income for the said assessment year.;