1996 (5) TMI 24 - HC - Income Tax

Summary

In the assessment year 1989-90, petitioner filed a return of loss of Rs. 66,72,700. Additional income-tax under section 143(1A) of the Income-tax Act was imposed, even though it remained a loss return. The court held that the amendment to the law from April 1, 1989, allowing additional tax in case of loss, applies to the assessment year 1989-90. The petition was dismissed, and the interim order dated April 2, 1992, was vacated.