https://www.taxtmi.com/caselaws?id=34050 The High Court upheld the Appellate Tribunal's decision to cancel the penalty under section 271(1)(c) in a case of loss, citing established legal precedents that penalties are not applicable when assessed income results in a loss with no positive income. The court dismissed the appeal, finding no substantial question of law arising from the Tribunal's decision. en-us Tue, 04 Oct 2005 00:00:00 +0530 Thu, 09 Jul 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34050 The High Court upheld the Appellate Tribunal's decision to cancel the penalty under section 271(1)(c) in a case of loss, citing established legal precedents that penalties are not applicable when assessed income results in a loss with no positive income. The court dismissed the appeal, finding no substantial question of law arising from the Tribunal's decision. Case-Laws Income Tax Tue, 04 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34050