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2003 (5) TMI 206 - ITAT CHANDIGARH-AExtract: .......st April, 2003. Respectfully following the decision in the case of Prithipal Singh and Co., we uphold the order of CIT(A). 4.5 There is no dispute that in the present case, there was no positive income and that the AO ignored the loss and took the income at nil. The cancellation of penalty is upheld. 5. In the result, Revenue s appeal is dismissed.
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