https://www.taxtmi.com/caselaws?id=9395 The High Court upheld the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income-tax Act, ruling in favor of the assessee. The Court emphasized that penalty cannot be imposed in the absence of taxable income, affirming that the penalty was unjustified as it was based on estimated losses rather than concealment of actual income. The judgment favored the assessee, and the reference was disposed of without costs awarded. en-us Thu, 21 Jul 2005 00:00:00 +0530 Mon, 22 Jun 2009 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9395 The High Court upheld the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income-tax Act, ruling in favor of the assessee. The Court emphasized that penalty cannot be imposed in the absence of taxable income, affirming that the penalty was unjustified as it was based on estimated losses rather than concealment of actual income. The judgment favored the assessee, and the reference was disposed of without costs awarded. Case-Laws Income Tax Thu, 21 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9395