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1993 (2) TMI 120 - AT - Income TaxExtract: .......nsidered opinion that when assessment has resulted in a loss penalty under section 271(1)(c) would not be leviable even on the basis of Explanation 4 below section 271(1) as inserted with effect from 1-4-1976. 11. In this view of the matter, penalty order cannot be sustained. It deserves to be quashed. We do so. 12. The assessee s appeal is allowed
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