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2007 (9) TMI 268 - DELHI HIGH COURTPenalty u/s 271(1)(c) - In view of the unambiguous declaration of the law by the Supreme Court, it is beyond doubt that no penalty can be levied under section 27 of the Act on the assessee for the assessment year in question that is 1996-97 since there is no positive assessed income on which any tax is payable - Given the definition of “total income” and the requirement that it is the assessed income, computed in the manner indicated in the Act, which is to be considered for the purposes of penalty, the penalty in the instant case cannot be sustained for the simple reason that the assessed income is nil. It matters little that the assessed income was nil because of adjustment of brought forward losses or for any other reason
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