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2008 (6) TMI 271 - AT - Income TaxExtract: .......lty should be worked out prior to adjustment of brought forward losses. 12. In view of this, we hold that the learned CIT(A) was justified in applying the principles laid down by the Hon ble Supreme Court in the case of Virtual Soft Systems and on that basis in cancelling the penalty. 13. In the result, the appeal filed by the Revenue is dismissed.
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