Dismissed
The Commissioner of Income Tax,Nagpur v. Jm.Sancheti,Arvi
Bombay HCITA/14/1997
Case brief
AI extract
What is this about?
Income-tax applications by the revenue under Section 256(2) challenging the Tribunal's view that no penalty under Section 271(1)(c) is exigible when assessed income is NIL or negative were dismissed following the Apex Court in Virtual Soft Systems Ltd.
What did the court decide?
Both income-tax applications filed by the revenue were dismissed; Rule discharged with no costs.