https://www.taxtmi.com/caselaws?id=10735 The court held that the word "income" in section 271(1)(c) refers to positive income. Therefore, penalty provisions are not applicable when the assessed income is nil or a loss. The court affirmed the Tribunal's decision and noted that the 2002 amendment, allowing penalties for losses, is prospective. The outcome favored the assessee, ruling against the Revenue. en-us Mon, 11 Jul 2005 00:00:00 +0530 Wed, 22 Jul 2009 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10735 The court held that the word "income" in section 271(1)(c) refers to positive income. Therefore, penalty provisions are not applicable when the assessed income is nil or a loss. The court affirmed the Tribunal's decision and noted that the 2002 amendment, allowing penalties for losses, is prospective. The outcome favored the assessee, ruling against the Revenue. Case-Laws Income Tax Mon, 11 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10735