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2007 (3) TMI 240 - MADRAS HIGH COURTPenalty on account of concealment of income - sub-clauses (ii) and (iii) of section 271(1)(c) makes it clear that penalty is a measure of tax payable by the assessee - In other words, if no tax is payable by the assessee, there would be no penalty which could be levied on the assessee – hence, Tribunal had properly exercised its discretion and was right in deleting the penalty imposed under section 271(1)(c)
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