2017 (4) TMI 670

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..... rsus Gold Coin Health Food Private Limited [2008 (8) TMI 5 - SUPREME COURT ] has held that penalty can be levied even if no tax is payable on the total income assessed and the court has analysed the nature of the amendment to come to a conclusion whether it is in reality a clarificatory or declaratory provision. In view of the law laid down in the aforesaid decision, the Tribunal was not right .....

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..... Ms. Rekha Pandey, Adv. Ms. Sadhna Sandhu, Adv. Mrs. Anil Katiyar, AOR Mr. Arijit Prasad, Adv. ORDER Heard learned counsel for the appellant. The question raised in this appeal is when the assessed income is loss, as a result of reduction at the time of final asssessment as against the amount of loss declared in the Income Tax Return, the penalty under Section 271 (1) (c) of the Income .....

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