Commissioner Of Income-Tax vs Prithipal Singh And Co. on 3 November, 1988
3. Shri R. P. Sawhney, learned senior counsel for the Department, has argued that the view taken by the Tribunal that in a case of loss shown by the assessee, penalty cannot be levied is not correct. The Tribunal wrongly relied upon the decision in the case of CIT vs. Prithipal Singh & Co. (supra).