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2014 (1) TMI 807 - HC - Income TaxWhether penalty u/s 271(1)(c) be levied in case of negative income - Held that:- Following Income Tax vs. Gold Coin Health Food Pvt. Ltd. [2008 (8) TMI 5 - SUPREME COURT] - Explanation 4(a) to section 271(1)(c)(iii) intended to levy penalty not only in a case where after addition of concealed income, a loss returned, after assessment becomes positive income, but also in a case where addition of concealed income reduces the returned loss and finally the assessed income is also a loss or a minus figure - The learned ITAT has not gone into other grounds and has not entered into the merits of the case whether penalty order is justified or not more particularly when the assessee had not preferred the appeal against the quantum additions - The issue has been restored for fresh adjudication at Tribunal level.
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