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TMI Blog2013 (12) TMI 364X X X X Extracts X X X X X X X X Extracts X X X X ..... he issue was restored for fresh adjudication. - Income Tax Appeal No. - 82 of 2001 - - - Dated:- 12-3-2012 - Hon'ble Ashok Bhushan And Hon'ble Vinay Kumar Mathur,JJ. For the Petitioner : A. N. Mahajan,C.S.C. ORDER Heard Sri R.K. Upadhyay, learned Standing Counsel for the department, Sri R.K. Agrawal , learned counsel for the assessee. This income tax appeal has been filed under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 271 (1) (c) since the present was a case of return of a loss. The Tribunal after coming to the aforesaid opinion, did not enter into other points raised in the appeal. Against the penalty levied by the Assessing Officer and confirmed by the ITAT , the department has come up in appeal against the said order. Therefore, learned counsel for the department submitted that the view taken by the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ratio is applicable in the present case as positive figure of the income of assessee resulted due to fiction created by provisions of Sec. 80 VVA (1) otherwise assessee had suffered a loss in this case to the extent of Rs. 9 lacs and above and once actual income is in loss then ratio of the decision in the case of CIT Vs. Priti Pal Singh and Co. (Supra) as laid down by Hon'ble Punjab and Harya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidered and distinguished by the Apex Court in Commissioner of Income Tax Vs. Gold Coin Health Food P.Ltd.. The Apex Court had occasion to consider Section 271 (1) (c) of the Act and after considering the earlier judgments it was laid down that explanation 4 to Section 271 (1) (c) is clarificatory and not substantive. The view expressed to the contrary in Virtuals's case (2007) 9 SCC 665 was held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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