CIT v. R.M.P. Plasto P. Ltd. - Taxpublishers.in

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The Tax Publishers2009 TaxPub(DT) 1004 (SC) : (2009) 029 (I) ITCL 0100 : (2009) 313 ITR 0397 : (2009) 227 CTR 0635 : (2009) 184 TAXMAN 0372 CIT v. R. M. P. Plasto P. Ltd. INCOME TAX ACT 1961 Penalty under section 271(1)(c) - Concealment -Positive income of assessee was reduced to nil after allowing set off carried forward losses *Held :* In view of decision of Supreme Court in case of CIT v. Gold Coin Health Food (P.) Ltd. [2008] 304 ITR 308/ 172 Taxman 386 A.O was justified in levying penalty for concealment of income under section 271(1)(c) if positive income of assessee was reduced to nil after allowing set -off of carried forward losses of earlier years. Income tax act 1961 section 271(1)(c) Decision : In favour of revenue. Case law analysis :CIT v. Gold Coin Health Food (P.) Ltd. [2008] 304 ITR 308/ 172 Taxman 386 (SC) CIT v. R. M. P. Plasto P. Ltd. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2009 TaxPub(DT) 1004 (SC) : (2009) 029 (I) ITCL 0100 : (2009) 313 ITR 0397 : (2009) 227 CTR 0635 : (2009) 184 TAXMAN 0372

CIT v. R. M. P. Plasto P. Ltd.

INCOME TAX ACT 1961

Penalty under section 271(1)(c) - Concealment -Positive income of assessee was reduced to nil after allowing set off carried forward losses

Held : In view of decision of Supreme Court in case of CIT v. Gold Coin Health Food (P.) Ltd. [2008] 304 ITR 308/ 172 Taxman 386 A.O was justified in levying penalty for concealment of income under section 271(1)(c) if positive income of assessee was reduced to nil after allowing set -off of carried forward losses of earlier years.

Income tax act 1961 section 271(1)(c)

Decision : In favour of revenue.

Case law analysis :CIT v. Gold Coin Health Food (P.) Ltd. [2008] 304 ITR 308/ 172 Taxman 386 (SC)

CIT v. R. M. P. Plasto P. Ltd.