https://www.taxtmi.com/caselaws?id=201550 The High Court, in an appeal under Section 260-A of the Income Tax Act for the assessment year 1991-92, ruled in favor of the Revenue. The Court held that the retrospective amendment of sub-section (1A) of Section 143 allowed for the levy of additional tax even if the loss declared by the assessee was reduced after adjustments. The Court emphasized that additional tax could be imposed on the difference when the loss is decreased post-adjustments, contrary to the assessee's argument that additional tax could only be demanded if the ultimate figure turned into a positive income. en-us Thu, 11 Nov 2010 00:00:00 +0530 Sat, 15 Jan 2011 14:16:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201550 The High Court, in an appeal under Section 260-A of the Income Tax Act for the assessment year 1991-92, ruled in favor of the Revenue. The Court held that the retrospective amendment of sub-section (1A) of Section 143 allowed for the levy of additional tax even if the loss declared by the assessee was reduced after adjustments. The Court emphasized that additional tax could be imposed on the difference when the loss is decreased post-adjustments, contrary to the assessee's argument that additional tax could only be demanded if the ultimate figure turned into a positive income. Case-Laws Income Tax Thu, 11 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201550