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2009 (7) TMI 60 - PUNJAB AND HARYANA HIGH COURTPenalty u/s 271(1)(c) – retrospective amendment – insertion of Explanation 4 - The assessee declared loss but during assessment, the Assessing Officer did not accept the extent of loss claimed and addition was made to the income. Proceedings were also initiated for penalty. Finally, penalty was levied – ITAT set aside the penalties – matter remanded to ITAT
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