2012-VIL-47-SC-DT

Supreme Court of India

CIVIL APPEAL NO. 577 OF 2007 & OTHERS

Date: 04.09.2012

COMMISSIONER OF INCOME-TAX

Vs

UNIPOL CHEMICALS INTERMEDIATES LTD.

BENCH

 S.H. KAPADIA AND MADAN B. LOKUR, JJ.

JUDGMENT

1. Leave granted.

2. In these civil appeals filed by the Department, the question which arises for determination is, whether the Courts below erred in cancelling the penalty levied under section 271(l)(c) of the Income-tax Act, 1961, on the ground that no penalty could be levied when the assessed income is a loss?

3. In view of the judgement of this Court in the case of CIT v. Gold Coin Health Food (P.) Ltd. [2008] 304 ITR 308 we answer the question in favour of the Revenue. Accordingly, the civil appeals filed by the Department stand allowed with no order as to costs.

 

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