9911796707
TMI Blog2008 (4) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... law arose for determination before the Division Bench of this Court in the case of Virtual Soft Systems Ltd. vs. CIT (2007) 207 CTR (SC) 733: (2007) 9 SCC 665. That question was, inter alia, whether penalty under s. 271(1)(c) could be levied if the returned income is a loss. It may be noted that an amendment was made by Finance Act, 2002 w.e.f. 1st April, 2003 in Expln. 4 to s. 271(1)(c)(iii). In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive. In the present case, the statute expressly states that the amendment would take effect only from 1st April, 2003. Consequently, this amendment cannot possibly be applied to or in respect of any period prior to 1st April, 2003. 2. In this S.L.P., the same point arises in respect of asst. yr. 1996-97. The name of the respondent assessee is Ramanlal C. Hathi. 3. We may also quote hereinb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The existing provisions of cls. (ii) and (iii) of sub-s. (1) of the said section provide for levy of the penalty specified therein, in addition to any tax payable. It is proposed to amend the said clauses to clarify that the penalty specified in them can be levied even if no tax is payable on the total income assessed. The Bill further proposes to amend Expln. 4 which defines the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im till the expiry of the period during which an assessment could have been made, it will be deemed that the person has concealed the particulars or furnished inaccurate particulars of his income for that year. It is proposed to amend the said Expln. 3 so as to provide that even if a person who has been assessed earlier, fails to furnish a return till the end of the specified period, he shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
