https://www.taxtmi.com/caselaws?id=55139 The Tribunal concluded that penalties under s. 271(1)(c) cannot be imposed when the assessed income is a loss, aligning with the Supreme Court's precedent in Prithipal Singh & Co. Amendments by the Finance Act, 2002, were deemed non-retrospective. Consequently, the penalties were annulled, dismissing the Revenue's appeals and allowing the assessees' appeals. en-us Mon, 27 Dec 2004 00:00:00 +0530 Wed, 19 Jun 2024 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55139 The Tribunal concluded that penalties under s. 271(1)(c) cannot be imposed when the assessed income is a loss, aligning with the Supreme Court's precedent in Prithipal Singh & Co. Amendments by the Finance Act, 2002, were deemed non-retrospective. Consequently, the penalties were annulled, dismissing the Revenue's appeals and allowing the assessees' appeals. Case-Laws Income Tax Mon, 27 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55139