Supreme Court of India

M/s. Virtual Soft Systems Ltd. v. Commissioner of Income Tax, Delhi- I

Neutral citation

Reported as [2007] 2 S.C.R. 289

Bench Ashok Bhan and Dal Veer Bhandari JJ.

Decided 6 February 2007

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

4 Supreme Court benches have cited this judgment.

From the headnote

Income Tax Act, 196/_:_section 27/(/)(c) as amended by Finance Act, 1975 and Finance Act, 2002-Loss returned by Assessee-Quantum of loss reduced on assessment-Liability to penalty for concealment of income or c furnishing inaccurate particulars of income-Held, assessees are not liable to penalty for assessment years falling before the introduction of the amendment in the section by Finance Act, 2002-Amendment is not clarificatory as it is not specifically stated in the statute and hence it applies prospectively and not retrospectively. The question involved in the appeals is whether an

Authorities it was built on

1954 Tolaram Relumal and Another v. The State of Bombay cited by 16
1985 Sakuru v. Tanaji cited by 11
1962 The Commissioner of Income Tax, Madras and Another v. S. V. Angidi Chettiar cited by 5

Where later benches applied it

2022 Union of India & Anr. v. Citi Bank, N. A. referred to
2021 Manish Kumar v. Union of India and Another referred to
2020 Gelus Ram Sahu and Others v. Dr. Surendra Kumar Singh and Others referred to
2013 Yakub Abdul Razak Memon v. The State of Maharashtra, through Cbi, Bombay mentioned

Of those, 3 referred to · 1 mentioned

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