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1988 (9) TMI 43 - HC - Income TaxExtract: .......ng that the Tribunal was justified in taking the view that no penalty under section 271(1)(a)(i)(b) of the Act is leviable against the assessee, a registered firm, because it had no tax liability within the meaning of the expression assessed tax given in the Explanation to sub-clause (i)(b) of clause (a) of sub-section (1) of section 271. No costs.
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