S.C : No penalty is leviable under section 271(1) (c) of the Income-tax Act, 1961 if the income disclosed in the Return and the income assessed is nil

Supreme Court Of India

JCIT vs. Classic Industries Ltd.

Section 271(1)(c)

R.K. Agrawal And Abhay Manohar Sapre, JJ.

Civil Appeal No. 1520 Of 2007

March 9, 2017

ORDER

1. The present appeal has been filed against the judgment and order dated 27th July, 2006 passed by the High Court of Gujarat by which the High Court has held that no penalty is leviable under section 271(1) (c) of the Income-tax Act, 1961 if the income disclosed in the Return and the income assessed is nil.

2. Learned senior counsel appearing for the appellant submitted that this question is covered against the Revenue by decision of this Court in the case of this Court in the case of Virtural Soft Systems Ltd. v. CIT [2007] 159 Taxman 155.

3. Respectfully following the aforesaid decision, the Judgment and order of the High Court is upheld. The appeal fails and is dismissed.

4. There shall be no order as to costs.

5. Pending application, if any, also stands disposed of.

[Citation : 393 ITR 20]

Malcare WordPress Security