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2007 (9) TMI 260 - HC - Income TaxIn accordance with the provisions of the Companies Act, 1956, the assessee applied to the HC for permission to reduce the share capital which was permitted - AO was of the view that the reduction of share capital did not represent a loss incurred by assessee and, therefore, taxed the amount - There is nothing to suggest that the assessee concealed any income or furnished any inaccurate particulars – since reduction of share capital approved by court, there was no any fraud or any gross or willful neglect on part of assessee – penalty u/s 271(1)(c) not leviable
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