2009 (7) TMI 143

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..... enalty can be imposed even if no positive income is there – Held, yes - 133 of 2009 (O&M) - - - Dated:- 15-7-2009 - ADARSH KUMAR COEL and MRS. DAYA CH AUDH ARY JJ. Rajesh Katoch for the appellant. Baljinder Singh for the respondent. JUDGMENT The judgment of the court was delivered by 1. ADARSH KUMAR GOEL J. —The Revenue has preferred this appeal under section 260A of the I .....

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..... the ground that the total income of the assessee has been assessed at a loss figure ? (iii) Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal is right in confirming the deletion of penalty under section 27l(1)(c) by relying on the apex court decision in the case of Virtual Soft Systems Limited v. CIT [2007] 289 ITR 83 (SC) though the issue .....

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..... Limited [2007] 289 ITR 83 (SC) , wherein it was held that in the absence of any positive income and tax being attracted, penalty for concealment could not be levied. 3. Learned counsel for the Revenue submits that the view taken in Virtual Soft Systems Limited [2007] 289 ITR 83 (SC) has since been overruled in a subsequent judgment of the hon'ble Supreme Court in CIT v. Gold Coin Healt .....

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