Supreme Court · 2007 INSC 109 · Decided 6 February 2007
M/S. Virtual Soft Systems LTD. v. Commissioner of Income Tax, Delhi- I
- Court
- Supreme Court of India
- Citation
- 2007 INSC 109 · [2007] 2 S.C.R. 289
- Case number
- CIVIL APPEAL No. 7115/2005
- Decided
- 6 February 2007
- Bench
- ASHOK BHAN, DALVEER BHANDARI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 271(1)(c), 271(1)(c)(iii), 271
Headnote
B Income Tax Act, 196/_:_section 27/(/)(c) as amended by Finance Act, 1975 and Finance Act, 2002-Loss returned by Assessee-Quantum of loss reduced on assessment-Liability to penalty for concealment of income or c furnishing inaccurate particulars of income-Held, assessees are not liable to penalty amendment in the section by Finance Act, 2002-Amendment is not clarificatory as it is not specifically stated in the statute and hence it applies prospectively and not retrospectively. D The question involved in the appeals is whether an assessee is liable to \ penalty under section 271(1) (c) of
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