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2011 (5) TMI 494 - ITAT, AHMEDABADPenalty u/s 271(1)(c) - The case of the assessee in the present assessment year would not fall in clause (c) as returned income is a loss - There is a distinction between NIL income and loss returned - Case of loss return would fall in clause (a) and case of NIL income returned would fall in clause (c) - The precedence cited by ld. AR cannot be applied to the present assessment year as in the present assessment year assessee has declared a loss - Held that:- there is a case of deemed concealment of income by virtue of Explanation 1(B) to section 271(1)(c) and tax sought to be evaded has to be calculated by invoking clause (a) to Explanation 4 to section 271(1)(c) - Since the calculation done by the Assessing Officer is in accordance with clause (a), therefore, his order is required to be upheld and that of ld. CIT(A) is set aside - Hence, the appeal filed by the revenue is allowed.
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