2004 (12) TMI 65

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..... also no tax will be leviable, therefore, the provisions of section 271(1)(c) of the Income-tax Act is not attracted - Tribunal has not committed any error in holding that no penalty can be imposed when the income is not assessed to income-tax under section 271(1)(c) – Revenue’s appeal has no merit and is dismissed summarily. - - - - - Dated:- 9-12-2004 - Judge(s) : S. S. JHA., VISHNUDEO NARAY .....

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..... espondents have shown loss in income and the Tribunal has held that in the case of loss even after concealment is added then also no tax will be leviable, therefore, the provisions of section 271(1)(c) of the Income-tax Act is not attracted. The Tribunal has referred to the apex court judgment in the case of CIT v. Prithipal Singh and Co. [2001] 249 ITR 670 wherein the appeal has been dismissed by .....

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