https://www.taxtmi.com/caselaws?id=28921 Income-tax under the Finance Act, 1968 could not be levied on a company that had incurred a loss and had no basic tax liability for the relevant assessment year, because section 4(1) of the Income-tax Act, 1961 charges tax only where there is income and the charge operates on total income of the previous year. The special rate in section 2(1) of the Finance Act, 1968 read with Paragraph F of the First Schedule therefore depended on the existence of income; without income, the additional tax provision did not apply. The question was answered in favour of the assessee and against the Revenue. en-us Tue, 24 Mar 1981 00:00:00 +0530 Mon, 08 Mar 2010 16:35:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28921 Income-tax under the Finance Act, 1968 could not be levied on a company that had incurred a loss and had no basic tax liability for the relevant assessment year, because section 4(1) of the Income-tax Act, 1961 charges tax only where there is income and the charge operates on total income of the previous year. The special rate in section 2(1) of the Finance Act, 1968 read with Paragraph F of the First Schedule therefore depended on the existence of income; without income, the additional tax provision did not apply. The question was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Tue, 24 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28921