https://www.taxtmi.com/caselaws?id=62237 The tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1978-79. It held that the penalty imposition was barred by limitation under section 275(a) of the IT Act as it was passed beyond the prescribed period. Additionally, the tribunal ruled that no penalty is leviable when the final assessment results in a reduced loss, citing precedent that penalty is not applicable when no tax is payable by the assessee. en-us Tue, 31 May 1994 00:00:00 +0530 Tue, 18 Jan 2011 17:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62237 The tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1978-79. It held that the penalty imposition was barred by limitation under section 275(a) of the IT Act as it was passed beyond the prescribed period. Additionally, the tribunal ruled that no penalty is leviable when the final assessment results in a reduced loss, citing precedent that penalty is not applicable when no tax is payable by the assessee. Case-Laws Income Tax Tue, 31 May 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62237