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2004 (12) TMI 65 - HC - Income TaxPenalty - Whether the tax would be chargeable on the income in which all the particulars have been concealed – Assessee have shown loss in income and the Tribunal has held that in the case of loss even after concealment is added then also no tax will be leviable, therefore, the provisions of section 271(1)(c) of the Income-tax Act is not attracted - Tribunal has not committed any error in holding that no penalty can be imposed when the income is not assessed to income-tax under section 271(1)(c) – Revenue’s appeal has no merit and is dismissed summarily.
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