2009 (4) TMI 1064

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.... ORDER G.C GUPTA, J.M : These three appeals, by the Revenue for A.Y 1993-1994, 1996-1997 & 1997-1998, are directed against the common order of CIT (Appeals) dated 25-4-2007. Since identical issue is involved in these appeals, these are being disposed of by a consolidated order. 2. The identical ground of appeal by the revenue in all these appeals is as under: "Whether, on the ....

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....of Virtual Soft Systems Ltd. v. CIT 289 ITR 83 and as the returned income and assessed income in these cases are a loss figure, the penalty u/s. 271(1)(c) cannot be imposed. We find that the decision of the Hon'ble Supreme Court in the case of Virtual Soft Systems Ltd. (supra) stands over ruled with the decision of the Apex Court in the case of CIT v. Gold Coin Health Food Pvt. Ltd. 304 ITR 30....