https://www.taxtmi.com/caselaws?id=34681 Penalty under section 271(1)(c) of the Income-tax Act can be attracted even where adjustment of unabsorbed depreciation results in loss or negative income, following the larger Bench ruling in CIT v. Gold Coin Health Food P. Ltd.; on that issue, the position was stated in favour of the Revenue. The separate question whether there was concealment justifying penalty had not been examined by the Tribunal or the High Court in the earlier round, so that issue was remitted to the Tribunal for fresh decision on merits. The matter therefore remained open on the concealment aspect. en-us Fri, 14 Nov 2008 00:00:00 +0530 Thu, 08 Oct 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34681 Penalty under section 271(1)(c) of the Income-tax Act can be attracted even where adjustment of unabsorbed depreciation results in loss or negative income, following the larger Bench ruling in CIT v. Gold Coin Health Food P. Ltd.; on that issue, the position was stated in favour of the Revenue. The separate question whether there was concealment justifying penalty had not been examined by the Tribunal or the High Court in the earlier round, so that issue was remitted to the Tribunal for fresh decision on merits. The matter therefore remained open on the concealment aspect. Case-Laws Income Tax Fri, 14 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34681