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2012 (11) TMI 431 - SCH - Income TaxPenalty u/s 271(l)(c) - assessed income is a loss - Held that:- As decided in CIT v. Gold Coin Health Food (P.) Ltd. [2008 (8) TMI 5 - SUPREME COURT] explanation 4 to Section 271(1)(c) is clarificatory and not substantive & penalty can be levied even if returned income is a loss - in favour of revenue.
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