https://www.taxtmi.com/caselaws?id=13408 The High Court of MADRAS dismissed the Revenue's appeal against the Income-tax Appellate Tribunal's decision to cancel the penalty imposed under section 271(1)(c) for concealment of income by the assessee. The court held that penalties cannot be levied when the assessed income results in a loss, citing legal precedents that penalties are applicable only when there is positive income, not a loss. The court found no substantial question of law and upheld the Tribunal's decision, with no costs awarded. en-us Tue, 02 Jan 2007 00:00:00 +0530 Thu, 28 May 2009 17:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13408 The High Court of MADRAS dismissed the Revenue's appeal against the Income-tax Appellate Tribunal's decision to cancel the penalty imposed under section 271(1)(c) for concealment of income by the assessee. The court held that penalties cannot be levied when the assessed income results in a loss, citing legal precedents that penalties are applicable only when there is positive income, not a loss. The court found no substantial question of law and upheld the Tribunal's decision, with no costs awarded. Case-Laws Income Tax Tue, 02 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13408