https://www.taxtmi.com/caselaws?id=55346 The court dismissed the Revenue's appeal against the CIT(A)'s order for the assessment year 1990-91, which held that additional tax under section 143(1A) is not chargeable when the total income results in a loss. The court emphasized that the imposition of additional tax serves as a penalty for inaccurate returns to ensure compliance with tax laws. It was ruled that penal liabilities cannot be imposed retrospectively for returns filed before the enactment of the amended section 143(1A). Therefore, the orders canceling the levy of additional tax were upheld for the assessment years in question. en-us Mon, 27 Dec 1999 00:00:00 +0530 Thu, 25 Nov 2010 17:05:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55346 The court dismissed the Revenue's appeal against the CIT(A)'s order for the assessment year 1990-91, which held that additional tax under section 143(1A) is not chargeable when the total income results in a loss. The court emphasized that the imposition of additional tax serves as a penalty for inaccurate returns to ensure compliance with tax laws. It was ruled that penal liabilities cannot be imposed retrospectively for returns filed before the enactment of the amended section 143(1A). Therefore, the orders canceling the levy of additional tax were upheld for the assessment years in question. Case-Laws Income Tax Mon, 27 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55346