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TMI Blog2005 (4) TMI 254X X X X Extracts X X X X X X X X Extracts X X X X ..... by 3 days and the assessee has filed a condonation application with a request to condone the delay in presenting the appeal before the Tribunal. The counsel for the assessee-submitted that, in fact, the appeal in the prescribed Form No. 36 was filed in time on the last day of filing of the appeal before the Tribunal. However, due to some mistake in computer printing, 1-2 lines at bottom of the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the assessee. 3. The learned counsel for the assessee submitted that the assessee has filed a return declaring net loss of Rs. 71,73,023 and was assessed at 'nil' income by the AO. The income after the appeal effect of the CIT(A)'s order was also at 'nil' income. The appeal before the Tribunal is pending for disposal in the quantum case and the assessee is hopeful of getting a substantial re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evied on the assessee. He argued that the Expln. 4 to the provision of s. 271(1)(c) has already been introduced in the statute book and the assessee's case is clearly covered by the said Explanation. He argued that, in fact, the assessee has earned a positive income during the year and it was due to B/F losses that the assessee was assessed at 'nil' income. He relied on the decisions in P.R. Basav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithipal Singh Co. is not applicable to the case of the assessee. We hold that the ratio of the decision of the Hon'ble apex Court in the case of Prithipal Singh Co. is clearly applicable to the facts of the case of the assessee and accordingly, no penalty for concealment of income under s. 271(1)(c) of the Act is leviable on the assessee. Even on merits of the case, we find that the assessee h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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