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2002 (8) TMI 37 - HC - Income TaxJurisdiction To Levy Penalty - whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in upholding the order of the Inspecting Assistant Commissioner imposing penalty under section 271(1)(c) having held that the law for the levy of the penalty is as it stood on the date when the penalty was imposed, that is as amended with effect from April 1, 1976. – The first question is answered against the assessee and in favour of the Revenue. - whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the penalty under section 271(1)(c)(iii) is imposable even though the assessment for the year has resulted in a net loss and there is no total income assessed for the year and there is no tax payable thereon. The second question referred to us is answered in favour of the assessee, and against the Revenue.
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