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2005 (3) TMI 102 - KERALA HIGH COURTExtract: .......the extent possible and, therefore, the conditions for waiver of penalty are not satisfied. It is also seen that the penalty levied is the minimum penalty and apart from the penalty, petitioner is not liable to pay any tax as the net result under the assessment order is still a loss. In the circumstances, OP is devoid of any merit and is dismissed.
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