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2006 (2) TMI 83 - HC - Income TaxPenalty - "1. Whether Tribunal was right in deleting the penalty, even though the assessee was concealed any income or furnished inaccurate particulars of income under the meaning of section 271(1)(c) of the Income-tax Act? - (2) Whether Tribunal was right in cancelling the penalty under section 271(1)(c), on the ground that the assessee's income computed by the assessing officer is a net loss?" - held that penalty is imposable only in cases where tax has been levied and that no penalty can be levied when the result of the computation made by the Assessing Officer is a loss. In other words, penalty is not leviable when the assessment did not show any taxable income, but net loss - we do not find any error or illegality in the order of the Tribunal in deleting the penalty taking into account the income of the assessee is a net loss
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