https://www.taxtmi.com/caselaws?id=190505 Penalty under section 271(1)(c) was held not leviable where the return disclosed a loss and the assessment also resulted in NIL income. On those facts, the absence of positive assessed income meant that the penal provision was not attracted, and the amendment to Explanation 4(a) did not change that result on the case facts. en-us Tue, 08 Aug 2006 00:00:00 +0530 Fri, 17 Feb 2017 16:06:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190505 Penalty under section 271(1)(c) was held not leviable where the return disclosed a loss and the assessment also resulted in NIL income. On those facts, the absence of positive assessed income meant that the penal provision was not attracted, and the amendment to Explanation 4(a) did not change that result on the case facts. Case-Laws Income Tax Tue, 08 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190505