https://www.taxtmi.com/caselaws?id=34683 The High Court upheld the Tribunal's decision, ruling that no penalty could be levied under section 271(1)(c) of the Income Tax Act for the assessment year 1996-97 due to the nil assessed income. The Court emphasized that penalties cannot be imposed when the assessed income is nil, regardless of the circumstances leading to the nil income. The decision was based on established legal principles from a Supreme Court judgment regarding penalties in cases of nil assessed income. en-us Mon, 17 Sep 2007 00:00:00 +0530 Wed, 30 Sep 2015 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34683 The High Court upheld the Tribunal's decision, ruling that no penalty could be levied under section 271(1)(c) of the Income Tax Act for the assessment year 1996-97 due to the nil assessed income. The Court emphasized that penalties cannot be imposed when the assessed income is nil, regardless of the circumstances leading to the nil income. The decision was based on established legal principles from a Supreme Court judgment regarding penalties in cases of nil assessed income. Case-Laws Income Tax Mon, 17 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34683