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2007 (1) TMI 133 - MADRAS HIGH COURTExtract: .......be levied when the result of the computation made by the Assessing Officer is a loss. In other words, penalty is not leviable when the assessment did not show any taxable income, but net loss. In view of the settled proposition, finding no substantial question of law that arises for our consideration in this appeal, the same is dismissed. No costs.
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