https://www.taxtmi.com/caselaws?id=34289 Penalty under Section 271(1)(c) could not be sustained merely on the basis of Virtual Soft Systems Ltd. after the larger Bench ruling in Gold Coin Health Food Pvt. Ltd. settled the law differently. The Court noted that the assessee's loss assessment and the Tribunal's reliance on the earlier view were no longer sufficient once the later decision had overruled that position. The Tribunal's order was therefore set aside and the matter remanded for fresh decision in accordance with law. en-us Fri, 31 Jul 2009 00:00:00 +0530 Wed, 10 Mar 2010 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34289 Penalty under Section 271(1)(c) could not be sustained merely on the basis of Virtual Soft Systems Ltd. after the larger Bench ruling in Gold Coin Health Food Pvt. Ltd. settled the law differently. The Court noted that the assessee's loss assessment and the Tribunal's reliance on the earlier view were no longer sufficient once the later decision had overruled that position. The Tribunal's order was therefore set aside and the matter remanded for fresh decision in accordance with law. Case-Laws Income Tax Fri, 31 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34289