2008 (11) TMI 174 - SCH - Income Tax

Penalty concealment of income tribunal cancelled the penalty levied under section 271(1) (c) of the Act on the ground that there was loss assessed in the year under consideration where facts was that there was positive income which was reduced to nil only after allowing set off of carried forward losses of earlier years SC uphold the levy of penalty.

Summary

The Supreme Court dismissed the appeals as there was no merit in them, following a previous decision. The Department's appeals were allowed in their favor with no costs, based on a previous judgment.