Law:

Section:

Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income Manish R. Bhatt for the Appellant. JUDGMENT 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 to him, in the light of the decision rendered by the Bombay High Court in the case of CIT v. Chemiequip Ltd. [2004] 265 ITR 265 the impugned order of the Tribunal is erroneous in law and gives rise to a substantial question of law. He has also fairly invited attention to an order made by this court on September 12, 2005, in Tax Appeal No. 2 of 2005 in the case of Joint CIT (Asstt.) v. Panchratna Hotels Private Limited [2009] 313 ITR 398 (Guj) (Appx.) 4. As can be seen from the impugned order of the Tribunal it has confirmed the order of the Commissioner of Income-tax (Appeals). The Commissioner of…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492