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1988 (11) TMI 16 - HC - Income Tax
Extract:
.......c) and (iii) of section 271(1) of the Act refers to positive income only and that no penalty could be levied against the assessee. For the foregoing reasons, all the questions are answered in the affirmative, i.e., in favour of the assessee and against the Revenue. None having put in appearance on behalf of the assessee, no order for costs is made.