Case Law Details
Case Name : JCIT Vs Saheli Leasing & Industries Ltd. (Supreme Court of India)
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
1. Leave granted.
2. The facts of both the appeals being identical, the facts of civil appeal arising out of S.L.P.(C) No.5241 of 2007 are being ref
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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.