IN SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.1520 OF 2007 Joint Commissioner of Income Tax Appellant VS. Classic Industries Limited ...Respondent O R D E R present appeal has been filed against judgment and order dated 27th July, 2006 passed by High Court of Gujarat by which High Court has held that no penalty is leviable under Section 271(1)(c) of Income Tax Act, 1961 if income disclosed in Return and income assessed is nil. Learned senior counsel appearing for appellant submitted that this question is covered against Revenue by decision of this Court in case of Virtual Soft Systems Ltd. vs. Commissioner of Income Tax Delhi I reported in (2007) 9 SCC 665. Signature Not Verified Digitally signed by ANITA MALHOTRA Date: 2017.03.21 17:34:19 IST Reason: 1 Respectfully following aforesaid decision, judgment and order of High Court is upheld. appeal fails and is dismissed. There shall be no order as to costs. Pending application, if any, also stands disposed of. J. [R.K. AGRAWAL] J. [ABHAY MANOHAR SAPRE] New Delhi; March 9, 2017. 2 ITEM NO.104 COURT NO.10 SECTION IIIA SUPREME COURT OF INDIA RECORD OF PROCEEDINGS Civil Appeal No(s). 1520/2007 JT.COMMR.OF INCOME TAX Appellant(s) VERSUS CLASSIC INDUSTRIES LIMITED Respondent(s) Date : 09/03/2017 This appeal was called on for hearing today. CORAM : HON'BLE MR. JUSTICE R.K. AGRAWAL HON'BLE MR. JUSTICE ABHAY MANOHAR SAPRE For Appellant(s) Mr. Yashank Adhiyaru,Sr.Adv. Ms. Sadhana Sandhu,Adv. Ms. Swarupama Chaturvedi,Adv. For Mrs. Anil Katiyar,Adv. For Respondent(s) UPON hearing counsel Court made following ORDER appeal is dismissed in terms of signed order. (Anita Malhotra) (Chander Bala) Court Master Court Master (Signed order is placed on file.) 3 Joint Commissioner of Income-tax v. Classic Industries Limited