JT.COMMR.OF INCOME TAX,SURAT vs. SAHELI LEASING & INDUSTRIES LTD

Appeals stand allowed as mentioned hereinabove but with

260 A of the Act, was formulated to be answered by it : “Whether, on the facts and in the circumstances of the case, and in law, the Income Tax Appellate Tribunal is right in coming to the conclusion that where assessed income is loss, penalty cannot be levied under section 271 (1) (c) of the Income Tax Act in spite

COMMR.OF INCOME TAX,SIMLA vs. M/S GREEN WORLD CORPORATION

Appeals are disposed of with the aforementioned directions