Commissioner Of Income Tax vs Moser Baer India Ltd.

Authority: Supreme Court Date: 2007-10-26 AY: 1996-97 Section: 271(1)(c), 4 Acts: Income Tax Act 1961 Result: Revenue Citation: (2009) 222 CTR (SC) 213 : (2009) 315 ITR 460 : (2009) 184 TAXMAN 8 : (2009) 19 DTR (SC) 283 Justices: S.H. Kapadia "," B. Sudershan Reddy, JJ. Appeal No: Civil Appeal Nos. 6664 ", " 6665 of 2008*
Whether penalty under s. 271(1)(c) can be levied for adjustment of unabsorbed depreciation resulting in negative income (loss) --- Held: No, following CIT vs. Gold Coin Health Food (P) Ltd. Whether penalty for concealment under s. 271(1)(c) is leviable in these cases --- Held: Matter remitted to Tribunal for fresh consideration.

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