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Commissioner Of Income-Tax v. M/S J.K.Synthetics Ltd. - INCOME TAX APPEAL No. 164 of 2004  RD-AH 14348 (22 August 2007)
Income Tax Appeal No. 164 of 2004
Commissioner of Income Tax-II, Kanpur
M/s J.K. Synthetics Ltd. Kamla Tower, Kanpur
Date: August 22, 2007
1. Heard Mr. S. Chopra in support of this appeal.
2. In view of the law laid down by the Apex Court in Virtual Soft Systems Ltd. vs. Commissioner of Income-Tax reported in  289 ITR 83 (SC), this appeal does not deserve to be entertained, inasmuch as the appellant had returned an income of loss, which was also assessed at a loss, therefore, no action can be taken for levy of any penalty under Section 271 (1) (c) of the Income Tax Act, 1961.
3. No reason to interfere. The appeal is dismissed.
RK/ (Chief Justice)
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