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2007 (4) TMI 188 - MADHYA PRADESH HIGH COURTTribunal was justified in holding that when total income is assessed at a loss and no tax leviable income is assessed or found that no tax is payable, no penalty under Section 271(1)(c) is leviable and can be imposed – As per explanation 3 and 4 to sub-clause (iii) of Section 271(1)(c), when there is no tax payable during the particular year, the question of evasion and subsequently penalty do not arise
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