https://www.taxtmi.com/caselaws?id=70806 The Tribunal upheld the order of the CIT (Appeals) cancelling the penalty imposed under section 271(1)(c), ruling that penalties should not be levied when both returned and assessed figures are losses. The Tribunal found that Explanation 4 could not expand the scope of section 271(1)(c) to cover penalties for reduced losses. The appeal of the Revenue and the cross objection of the assessee were both dismissed. en-us Mon, 31 Dec 2001 00:00:00 +0530 Tue, 19 Apr 2011 13:06:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70806 The Tribunal upheld the order of the CIT (Appeals) cancelling the penalty imposed under section 271(1)(c), ruling that penalties should not be levied when both returned and assessed figures are losses. The Tribunal found that Explanation 4 could not expand the scope of section 271(1)(c) to cover penalties for reduced losses. The appeal of the Revenue and the cross objection of the assessee were both dismissed. Case-Laws Income Tax Mon, 31 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70806