https://www.taxtmi.com/caselaws?id=244156 The High Court held that the penalty imposition under section 271(1)(c) was justified despite the absence of positive income. The court determined that Explanation 4(a) to Section 271 was clarificatory and applied the precedent set by the apex Court in a similar case. The court concluded that the penalty was leviable even in cases where concealed income reduced the returned loss to a negative figure. The Tribunal's reliance on a previous judgment was deemed erroneous, and the court ruled in favor of the revenue, upholding the penalty imposition against the appellant. en-us Thu, 13 Feb 2014 00:00:00 +0530 Wed, 19 Feb 2014 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244156 The High Court held that the penalty imposition under section 271(1)(c) was justified despite the absence of positive income. The court determined that Explanation 4(a) to Section 271 was clarificatory and applied the precedent set by the apex Court in a similar case. The court concluded that the penalty was leviable even in cases where concealed income reduced the returned loss to a negative figure. The Tribunal's reliance on a previous judgment was deemed erroneous, and the court ruled in favor of the revenue, upholding the penalty imposition against the appellant. Case-Laws Income Tax Thu, 13 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244156