Commiioner Of Income Tax vs Gold Coin Health Food (P) Ltd.

Authority: Supreme Court Date: 2008-08-18 Section: 271(1)(c), 4 Acts: Income Tax Act 1961 Result: Revenue Citation: (2008) 218 CTR (SC) 359 : (2008) 304 ITR 308 : (2008) 172 TAXMAN 386 : (2008) 11 DTR 185 Justices: Dr. Arijit Pasayat, P. Sathasivam & Aftab Alam, JJ. Appeal No: Civil Appeal Nos. 5065 & 5066 of 2008
Whether penalty under Section 271(1)(c) of the Income Tax Act 1961 can be levied when the returned income is a loss, considering the amendment by Finance Act 2002 to Explanation 4 --- Held Yes, the amendment is clarificatory and retrospective, making penalty leviable even when returned income is loss.

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