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2006 (7) TMI 710 - HC - Income TaxExtract: .......ned income is loss in the cases prior to the amendment in the year 2002?” The admitted facts are that the income disclosed and the income assessed is in negative. No case is made out for attraction of penalty under Section 271(1)(c) of the Income Tax Act, 1961. No interference is called for. The Appeal stands dismissed at the admission stage.
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