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2007 (12) TMI 504 - HC - Income TaxExtract: .......to any tax'. If there was no tax, no penalty could be levied. The return filed declaring loss and assessment made at a reduced loss did not warrant any levy of penalty within the meaning of s. 271(1)(c)(iii) with or without Expln. 4'." 12. In the light of the exposition of law of the apex Court, this appeal of the Revenue is dismissed.
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