1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH : NAGPUR INCOME-TAX APPLICATION NOs. 87/1996, 105/1996 & 117 OF 1996 Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's orders or directions and Registrar's orders. CORAM : J.P. DEVADHAR AND B.P. DHARMADHIKARI, JJ. APRIL 24, 2007. Heard Shri Jaiswal, learned counsel for the applicant. All these applications filed by the revenue under Section 256(2) of the Income- tax Act, 1961, were admitted on the following questions of law : “1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that no penalty u/s. 271(1)(c) read with explanation 4 thereto is exigible where the assessed income is NIL or negative income ? 2. Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that there was no concealment of income or furnishing of 2 inaccurate particulars ?” Counsel for the revenue fairly states that the questions raised herein are answered by the decision of the Hon'ble Apex Court in the case of Virtual Soft Systems Limited vs. C.I.T. reported at 289 ITR 83 against the revenue. In this view of the matter, all these applications are dismissed. Rule discharged. No costs. JUDGE JUDGE *GS.