Supreme Court of India

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

Neutral citation

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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