Case Law Details
Case Name : JCIT Vs Saheli Leasing & Industries Ltd. (Supreme Court of India)
Appeal Number : Civil Appeal No. 4278/2010
Date of Judgement/Order : 07/05/2010
Related Assessment Year :
Courts :
Supreme Court of India
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SUPREME COURT OF INDIA,
JCIT Vs Saheli Leasing & Industries Ltd.,
APPEAL NO: Civil Appeal No. 4278/2010,
DECIDED ON May 7, 2010
ORDER
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The above ruling regarding chargeability of penalty u/s 271(1)(c) is not good in law. As was held yesteryears by SC that, NO PENALTY COULD BE LEVIED WHERE TAX PAYABLE IS NIL.
Thus, in the above case, where returned income is negative and the assessment results in NIL income, then, no tax effect is involved and consequently, no penalty could be imposed upon the assessee.