2005 (9) TMI 78

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..... addition relating to cost of construction and profits in respect of business receipts. Similarly, even with regard to disallowance of investment allowance in relation to the hotel building, the Tribunal has found that no penalty for concealment is leviable – HC uphold the order of tribunal – penalty is not leviable. - 2 of 2005 - - - Dated:- 12-9-2005 - D. A. MEHTA and Ms. H. N. DEVANI JJ. .....

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..... d order of the Tribunal dated September 5, 2002, the Tribunal has followed the assessee's own case for the assessment years 1989-90 and 1990-91, i.e., after introduction of Explanation 4 below section 271(1)(c) of the Income-tax Act, 1961, and come to the conclusion that if the finally assessed income is a loss, no penalty is leviable and Explanation 4 does not get attracted in such a situation. T .....

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