https://www.taxtmi.com/caselaws?id=35473 Penalty for concealment could not be sustained on the basis that the return showed a loss and assessed income was nil, because that earlier view in Virtual Soft Systems no longer governed after the Supreme Court's ruling in Gold Coin Health Food Private Limited. The Tribunal had deleted the penalty on the footing that concealment penalty required positive income, but that reasoning was rejected. The questions were answered in favour of the Revenue, the Tribunal's view was set aside, and the matter was remanded for decision on the remaining surviving issues. en-us Wed, 15 Jul 2009 00:00:00 +0530 Tue, 09 Mar 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35473 Penalty for concealment could not be sustained on the basis that the return showed a loss and assessed income was nil, because that earlier view in Virtual Soft Systems no longer governed after the Supreme Court's ruling in Gold Coin Health Food Private Limited. The Tribunal had deleted the penalty on the footing that concealment penalty required positive income, but that reasoning was rejected. The questions were answered in favour of the Revenue, the Tribunal's view was set aside, and the matter was remanded for decision on the remaining surviving issues. Case-Laws Income Tax Wed, 15 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35473