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TMI Blog2014 (1) TMI 807X X X X Extracts X X X X X X X X Extracts X X X X ..... when the assessee had not preferred the appeal against the quantum additions - The issue has been restored for fresh adjudication at Tribunal level. - Tax Appeal No. 202 of 2003 - - - Dated:- 21-12-2013 - M. R. Shah And R. D. Kothari,JJ. For the Appellant : Mrs. Mauna M. Bhatt, Advocate For the Respondent : Mr. SN Divatia, Advocate JUDGMENT (Per : Honourable Mr. Justice M. R. Shah) [1.0] Feeling aggrieved and dissatisfied with the impugned judgment and order dated 20.12.2002 passed by the learned Income Tax Appellate Tribunal, Ahmedabad [hereinafter referred to as ITAT ] in ITA No.3127/Ahd/1997 for the assessment year 199192, the Revenue has preferred the present tax appeal to consider the following substantial qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leting the penalty. [2.3] Feeling aggrieved and dissatisfied with the impugned order passed by the learned ITAT, the Revenue has preferred the present tax appeal to consider the aforesaid substantial questions of law. [3.0] Mrs. Mauna Bhatt, learned advocate appearing on behalf of the revenue has vehemently submitted that the impugned judgment and order passed by the learned ITAT deleting the penalty holding that if there is a loss or negative income, penalty cannot be levied under section 271(1)(c) of the Act cannot be sustained in view of the decision of the Hon ble Supreme Court in the case of Income Tax vs. Gold Coin Health Food Pvt. Ltd. reported in 304 ITR 308 (SC). It is further submitted that as such the learned ITAT has not con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 271(1)(c) of the Act is concerned, in view of the decision of the Hon ble Supreme Court in the case of Gold Coin Health Food Pvt. Ltd. (Supra), the same cannot be sustained. [5.1] In the case of Gold Coin Health Food P. Ltd. (Supra) it is held that Explanation 4(a) to section 271(1)(c)(iii) intended to levy penalty not only in a case where after addition of concealed income, a loss returned, after assessment becomes positive income, but also in a case where addition of concealed income reduces the returned loss and finally the assessed income is also a loss or a minus figure. Therefore, penalty is leviable even in a case where addition of concealed income reduces the returned loss. [5.2] However, considering the fact that the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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