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Even if no tax was payable, the penalty was still leviable – SC
Case Law Details
- Case Name
- Joint Commissioner of Income Tax, Surat Vs Saheli Leasing & Industries Ltd. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Whether income returned was a profit or loss, was really of no consequence. Therefore, even if no tax was payable, the penalty was still leviable. It is in that context, to be noted that even prior to the amendment it could not be read to mean that if no tax was payable by the Assessee, due to filing of return, disclosing loss, the Assessee was not liable to pay penalty even if the Assessee had concealed and/or furnished inadequate particulars. The necessary consequence thereof would be that even if Assessee has disclosed NIL income and on verification of the record, it is f...
