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1994 (5) TMI 48 - AT - Income TaxExtract: .......e, justified in holding that no penalty is leviable under s. 271(1)(c) if no tax is payable by the assessee and thereby cancelling the penalty of Rs. 20,690 levied by the ITO. For the reasons stated in the said decision with which we agree, we hold that no penalty is leviable in the case of negative income. 10. In the result, the appeal is allowed.
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