2005 (10) TMI 87

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r the respondent. JUDGMENT The judgment of the court was delivered by D. A. MEHTA J. - The appellant-Revenue has proposed the following question: "Whether the Appellate Tribunal is right in facts and in law in cancelling the penalty levied under section 271(1) (c) of the Act on the ground that the penalty cannot be levied in case of loss?" 2. Heard Mr. M. R. Bhatt, learned senior .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... reby the reference application came to be rejected by the High Court and special leave petition against the said order also came to be rejected by the Supreme Court. The common thread running through all the decisions is that where finally assessed income was a loss and there was no positive income, no penalty was imposable. 5. This court has taken cognizance of the aforesaid decision in its o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X