https://www.taxtmi.com/caselaws?id=34033 The Tribunal's decision to cancel the penalty under section 271(1)(c) of the Income-tax Act was upheld by the High Court and later by the Supreme Court. It was determined that if the assessed income results in a loss, no penalty is leviable, and Explanation 4 does not apply. The High Court also affirmed the Tribunal's ruling that no concealment was found on the part of the respondent in relation to estimated additions and disallowance of investment allowance. The appeal was dismissed, emphasizing the absence of any substantial legal question. en-us Mon, 12 Sep 2005 00:00:00 +0530 Tue, 07 Jul 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34033 The Tribunal's decision to cancel the penalty under section 271(1)(c) of the Income-tax Act was upheld by the High Court and later by the Supreme Court. It was determined that if the assessed income results in a loss, no penalty is leviable, and Explanation 4 does not apply. The High Court also affirmed the Tribunal's ruling that no concealment was found on the part of the respondent in relation to estimated additions and disallowance of investment allowance. The appeal was dismissed, emphasizing the absence of any substantial legal question. Case-Laws Income Tax Mon, 12 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34033