TMI Blog2010 (4) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... educed figure, the assessee would be liable for penalty under Section 271(1)(c) provided the conditions specified therein are satisfied. It is after the decision of the Supreme Court in Gold Coin Health Food (2008 -TMI - 30245 - SUPREME COURT) that the department has woken up and has decided to file this appeal after a delay of 517 days. There is no other reason given for the delay in filing of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income determined is a loss. Initially, the Supreme Court had taken the view in Virtual Soft Systems Ltd v. Commissioner of Income-tax: [2007] 289 ITR 83 (SC) that penalty under Section 271(1)(c) could be imposed only if there was a positive income determined by the Assessing Officer in the case of a returned loss. The tribunal made the decision in favour of the assessee on 26.10.2007, followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Food (supra) that the department has woken up and has decided to file this appeal after a delay of 517 days. There is no other reason given for the delay in filing of the appeal. 2. We do not think that this is sufficient cause for condoning the delay in filing the appeal inasmuch as the order of the tribunal dated 26.10.2007 had attained finality and, that too, in view of an earlier decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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