https://www.taxtmi.com/caselaws?id=23558 HC held that the Explanation to s.271(1)(c) is not attracted where the assessment establishes a loss; "income" in s.2(24) and s.271(1)(c) denotes positive income only. Since no tax was payable, there was no concealment or evasion warranting penalty, and the assessee's reduced loss did not amount to suppression of income. The Appellate Tribunal's decision to disallow penalty was upheld, and all questions were resolved in favor of the assessee and against the Revenue. en-us Thu, 03 Nov 1988 00:00:00 +0530 Tue, 28 Oct 2025 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23558 HC held that the Explanation to s.271(1)(c) is not attracted where the assessment establishes a loss; "income" in s.2(24) and s.271(1)(c) denotes positive income only. Since no tax was payable, there was no concealment or evasion warranting penalty, and the assessee's reduced loss did not amount to suppression of income. The Appellate Tribunal's decision to disallow penalty was upheld, and all questions were resolved in favor of the assessee and against the Revenue. Case-Laws Income Tax Thu, 03 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23558