https://www.taxtmi.com/caselaws?id=3137 The Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) for a loss return. It was ruled that penalties apply only when there is positive income, not a loss, as supported by precedent. The Court did not address the retrospective effect of the amendment to Explanation 4(a) to Section 271(1)(c) as it was not considered a significant issue in this case. The appeals were dismissed, and no costs were awarded. en-us Mon, 05 Mar 2007 00:00:00 +0530 Wed, 30 Jul 2008 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3137 The Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) for a loss return. It was ruled that penalties apply only when there is positive income, not a loss, as supported by precedent. The Court did not address the retrospective effect of the amendment to Explanation 4(a) to Section 271(1)(c) as it was not considered a significant issue in this case. The appeals were dismissed, and no costs were awarded. Case-Laws Income Tax Mon, 05 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3137