https://www.taxtmi.com/caselaws?id=12166 The court upheld the penalty imposed under section 271(1)(c) for assessment years 1972-73 and 1973-74, ruling in favor of the Revenue. However, the court ruled in favor of the assessee regarding the imposition of a penalty under section 271(1)(c)(iii) for the assessment year 1973-74, stating that penalties cannot be levied when there is a net loss and no tax payable. The judgment emphasized the significance of tax liability in determining the applicability of penalties, citing relevant precedents and legal principles to support the differing outcomes for the two issues. en-us Wed, 21 Aug 2002 00:00:00 +0530 Thu, 18 Feb 2010 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12166 The court upheld the penalty imposed under section 271(1)(c) for assessment years 1972-73 and 1973-74, ruling in favor of the Revenue. However, the court ruled in favor of the assessee regarding the imposition of a penalty under section 271(1)(c)(iii) for the assessment year 1973-74, stating that penalties cannot be levied when there is a net loss and no tax payable. The judgment emphasized the significance of tax liability in determining the applicability of penalties, citing relevant precedents and legal principles to support the differing outcomes for the two issues. Case-Laws Income Tax Wed, 21 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12166