https://www.taxtmi.com/news?id=542 Penalty under Section 271(1)(c) may be levied even where the returned income is a loss, because the Finance Act, 2002 amendment operates retrospectively; Explanation 4 is clarificatory, and the amendment overruled the earlier precedent that barred penalty in the absence of positive returned income. en-us Mon, 18 Aug 2008 22:02:20 +0530 Sun, 24 Aug 2008 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=542 Penalty under Section 271(1)(c) may be levied even where the returned income is a loss, because the Finance Act, 2002 amendment operates retrospectively; Explanation 4 is clarificatory, and the amendment overruled the earlier precedent that barred penalty in the absence of positive returned income. News - Mon, 18 Aug 2008 22:02:20 +0530 https://www.taxtmi.com/news?id=542