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2006 (12) TMI 254 - ITAT MUMBAIExtract: ....... under section 271(1)(c) can be imposed in a case where assessed income as also the returned income are negative figures. 16. The impugned penalty under section 271(1)(c), accordingly, stands deleted. The assessee gets the relief accordingly. 17. In the result, the appeal is allowed. It was so pronounced at the time of conclusion of hearing itself.
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