04 September 2009
Income’ includes ‘losses’ - When word ‘income’ is read to include losses it becomes crystal clear that even in a case where on account of addition of concealed income returned loss stands reduced and even if final assessed income is a loss, penalty was leviable even during period 1-4-1976 to 1-4-2003; thus amendment made in Explanation 4 to section 271(1)(c)(iii) with effect from 1-4-2003 is clarificaÂtory and, therefore, will have retrospective effect - CIT v. Gold Coin Health Food (P.) Ltd. [2008] 172 Taxman 386/304 ITR 308 (SC).
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