1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH, NAGPUR INCOME TAX REFERENCE NO.09/2001 APPLICANT:- The Commissioner of Income-tax, Vidarbha, Nagpur. ...VERSUS... RESPONDENT :- M/s. Hariganga Alloys & Steel Ltd., Nagpur. --------------------------------------------------------------------------------------------------------------------------------------------- Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's order of directions and Registrar's orders --------------------------------------------------------------------------------------------------------------------------------------------- [Shri A.S. Jaiswal, Adv. for applicant] [S/Shri C.J., N.J., S.C. Thakkar, Advs. for respondent] CORAM:- J.P. DEVADHAR AND A.B. CHAUDHARI, JJ. DATED :- 27.10.2010 1. At the instance of Commissioner of Income Tax, Vidarbha, Nagpur, the Income Tax Appellate Tribunal, Nagpur has referred the following question of law for the opinion of this Court. “Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that no penalty under section 271 (1) (c) read with explanation 4 there to is eligible where the assessed income is NIL or negative income ?” 2. Learned Counsel for both sides agree that the aforesaid question is covered by the decision of the Hon'ble Apex Court in the case of Commissioner of Income-Tax...Versus...Gold Coin Health Food P. Ltd.., reported in (2008) 304 ITR 308 (SC). 3. Accordingly, the question referred to us is answered in the negative i.e. in favour of the revenue and against the assessee. The Tribunal is accordingly directed to pass appropriate order in accordance with the decision of the Hon'ble Apex Court. Income Tax Reference is disposed of in the aforesaid terms. No order as to costs. JUDGE JUDGE SSW