Supreme Court · 2008 INSC 938 · Decided 18 August 2008
COMMNR. of Income Tax-I, Ahmedabad v. Gold Coin Health Food PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 2008 INSC 938 · [2008] 12 S.C.R. 179
- Case number
- CIVIL APPEAL No. 5065/2008
- Decided
- 18 August 2008
- Bench
- ARIJIT PASAYAT, P. SATHASIVAM, AFTAB ALAM (3-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 271(1)(c)
Headnote
B Income Tax Act, 1961; s. 271(1)(c) with amendment in Explanation 4 to s.271(1) (c) (iii) introduced by Finance Act, c 2002: Returned income - Loss/profit - Levy of penalty - Held: Term 'income' also includes losses - Explanation 4 to s. 271 (1 )(c) (iii) is clarificatory substantive and has to be construed accordingly - Recommendation of Wanchoo D Committee and relevant circular makes the position clear that penalty in terms of amendment leviable where addition of con­ cealed income reduces the returned loss - In the facts and circumstances of the case, the
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