2003 (5) TMI 206

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....penalty levied on the assessee. 2. The assessee had shown loss of Rs. 17,82,178. The AO completed assessment under s. 143(3) at nil income. The loss claimed was disallowed. The AO also initiated penalty proceedings under s. 271(1)(c) and ultimately levied penalty of Rs. 3,30,640 for various additions made in the assessment. The AO did not apply the decision of Hon'ble jurisdictional High Court ....

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....IT vs. Prithipal Singh and the ratio in this case would have to be followed as far as levy of penalty under s. 271(1)(c) is concerned in a case where no tax was payable. It is seen that this decision related to an earlier year but the Hon'ble High Court has also referred to Explns. 2 and 4 of the provisions of s. 271(1)(c) and it has been held that even these provisions of law presuppose a taxable....

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....1789/Chd/1992, Dy. CIT vs. Jagjit Publishing Co. (P) Ltd., dt. 29th Dec., 2000. (ii) ITA No. 482/Chd/1993, Dy. CIT vs. Jagjit Publishing Co. (P) Ltd., dt. 29th Jan., 2002. 4.1 It was further argued that the above decision has been upheld by the Supreme Court in the case CIT vs. Prithipal Singh & Co. (2001) 166 CTR (SC) 187 : (2001) 249 ITR 670 (SC). 4.2 The learned Departmental Representa....

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.... Ltd. vs. Union of India (2003) 181 CTR (SC) 1 : (2003) 260 ITR 548 (SC) the apex Court has held as under: "The legislative power either to introduce enactments having retrospective effect for the first time or to amend an enacted law with retrospective effect, is not only subject to the question of competence but is also subject to several judicially recognised limitations. The first is the re....