2005 (4) TMI 254

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....nst the order of the CIT(A). The appeal is barred by limitation by 3 days and the assessee has filed a condonation application with a request to condone the delay in presenting the appeal before the Tribunal. The counsel for the assessee-submitted that, in fact, the appeal in the prescribed Form No. 36 was filed in time on the last day of filing of the appeal before the Tribunal. However, due to s....

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....the validity of the penalty levied under s. 271(1)(c) of the Act on the assessee. 3. The learned counsel for the assessee submitted that the assessee has filed a return declaring net loss of Rs. 71,73,023 and was assessed at 'nil' income by the AO. The income after the appeal effect of the CIT(A)'s order was also at 'nil' income. The appeal before the Tribunal is pending for disposal in the qua....

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....y for concealment of income under s. 271(1)(c) of the Act can be levied on the assessee. He argued that the Expln. 4 to the provision of s. 271(1)(c) has already been introduced in the statute book and the assessee's case is clearly covered by the said Explanation. He argued that, in fact, the assessee has earned a positive income during the year and it was due to B/F losses that the assessee was ....

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....y that the ratio of the decision of the Hon'ble Supreme Court in Prithipal Singh & Co. is not applicable to the case of the assessee. We hold that the ratio of the decision of the Hon'ble apex Court in the case of Prithipal Singh & Co. is clearly applicable to the facts of the case of the assessee and accordingly, no penalty for concealment of income under s. 271(1)(c) of the Act is leviable on th....