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1999 (8) TMI 103 - AT - Income TaxExtract: .......able to the facts of the present case because even after the disallowance made by the AO in the present case, the resultant income is a loss. In the circumstances, penalty under s. 271(1)(c) is not exigible on this technical ground as well. Accordingly, we set aside the order of the AO and delete the penalty. 8. In the result the appeal is allowed.
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