2005 (9) TMI 78

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....y D. A. MEHTA J. - The appellant Revenue has proposed the following two questions: (1) Whether the hon'ble Income-tax Appellate Tribunal was right in law and on facts in cancelling the penalty levied under section 271(1)(c) of the Income-tax Act on the ground that no penalty can be levied when assessed income is loss ignoring the provision of Explanation 4 to section 271(1)(c)? (2) Whether the ....

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....lication was rejected by the High Court, against which special leave petition has also been dismissed by the Supreme Court, vide decision reported in [1995] 212 ITR (St.) 60. 4. In the present case, the Tribunal has further found on facts that no penalty is leviable merely on the basis of estimated addition relating to cost of construction and profits in respect of business receipts. Similarly, e....