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of <h1>Penalty upheld under Income Tax Act despite assessed loss for AY 1988-1989</h1> <h3>ACIT Versus BARODA POWER ELECTRONICS</h3> ACIT Versus BARODA POWER ELECTRONICS - tmi The Gujarat High Court upheld a penalty of Rs.4,00,000 under Section 271(1)(c) of the Income Tax Act for the Assessment Year 1988-1989. The court clarified that the penalty can be imposed even in case of assessed loss, citing a previous Supreme Court decision. The Income Tax Appellate Tribunal was found to be incorrect in deleting the penalty. The appeal was allowed with no costs.
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