2005 (10) TMI 87

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....e court was delivered by D. A. MEHTA J. - The appellant-Revenue has proposed the following question: "Whether the Appellate Tribunal is right in facts and in law in cancelling the penalty levied under section 271(1) (c) of the Act on the ground that the penalty cannot be levied in case of loss?" 2. Heard Mr. M. R. Bhatt, learned senior standing counsel for the appellant. 3. According t....

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.... Court and special leave petition against the said order also came to be rejected by the Supreme Court. The common thread running through all the decisions is that where finally assessed income was a loss and there was no positive income, no penalty was imposable. 5. This court has taken cognizance of the aforesaid decision in its order dated September 12, 2005, rendered in Tax Appeal No. 2 of ....