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2005 (7) TMI 84 - ALLAHABAD HIGH COURTPenalty - "Whether the Tribunal was justified in confirming the view taken by the Commissioner of Income-tax (Appeals) holding that sub-clause (a) of Explanation 4 appended to section 271(1)(c) of the Income-tax Act, 1961, was applicable only if there was a positive income of an assessee and not applicable where even as a result of the detection of concealment or furnishing of inaccurate particulars of income, loss shown by such assessee got reduced or waived off?" - Amended clause (iii) of Explanation 4 by the Finance Act, 2002, with effect from April 1, 2003, is prospective in nature and does not apply to the years in consideration. The amendment does not speak that it is clarificatory in nature - We answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue.
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