Supreme Court of India

Commnr. of Income Tax-i, Ahmedabad v. Gold Coin Health Food Pvt. Ltd.

Neutral citation

Reported as [2008] 12 S.C.R. 179

Bench Dr. Arijit Pasayat, P. Sathasivam and Aftab . Alam JJ.

Decided 18 August 2008

Status Distinguished

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.

9 Supreme Court benches have cited this judgment.

From the headnote

Income Tax Act, 1961; s. 271(1)(c) with amendment in Explanation 4 to s.271(1) (c) (iii) introduced by Finance Act, c 2002: Returned income - Loss/profit - Levy of penalty - Held: Term 'income' also includes losses - Explanation 4 to s. 271 (1 )(c) (iii) is clarificatory in nature and not substantive and has to be construed accordingly - Recommendation of Wanchoo Committee and relevant circular makes the position clear that penalty in terms of amendment leviable where addition of con cealed income reduces the returned loss - In the facts and circumstances of the case, the amendment could be

Authorities it was built on

1975 Commissioner of Income Tax (central) Delhi v. Harprasad & Co. (p) Ltd. cited by 5
1985 Commissioner of Wealth Tax, Punjab, J & K, Chandigarh, Patiala v. Yuvraj Amrinder Singh Etc cited by 4

Where later benches applied it

2025 M/s Suraj Impex (india) Pvt. Ltd. v. Union of India & Ors. referred to
2023 Sree Sankaracharya University of Sanskrit & Ors. v. Dr. Manu & Anr. referred to
2022 Vijay Madanlal Choudhary & Ors. v. Union of India & Ors. referred to
2021 Ghanashyam Mishra and Sons Private Limited through the Authorized Signatory v. Edelweiss Asset Reconstruction Company Limited through the Director & Ors. referred to
2019 The Commissioner of Income Tax, New Delhi v. Ram Kishan Dass referred to
2017 State of Bihar & Ors. v. Ramesh Prasad Verma (dead) Thr. Lrs. referred to
2015 Commissioner of Income Tax-19 Mumbai. v. M/s. Sarkar Builders referred to
2018 Commissioner of Income Tax 5 Mumbai v. M/s. Essar Teleholdings Ltd. through its Manager distinguished
2022 Dkg Buildcon Private Ltd v. The Adjudicating & Enquiry Officer, S.E.B.I. not applicable

Of those, 1 distinguished · 7 referred to · 1 not applicable

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