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1993 (2) TMI 122 - AT - Income TaxExtract: .......re particularly so because the provision relates to imposition of penalty. We are, therefore, of the considered opinion that no penalty under s. 271(1)(c) can be levied in a case where the total income is assessed at a figure of loss. 10. In the result the penalty levied by the ITO and confirmed by the CIT(A) is cancelled and the appeal is allowed.
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