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2017 (3) TMI 1186 - SCH - Income TaxPenalty non leviable u/s 271(1)(c) if the income disclosed in the Return and the income assessed is nil - Held that:- This question is covered against the Revenue by decision of this Court in the case of Virtual Soft Systems Ltd. vs. Commissioner of Income Tax Delhi [2007 (2) TMI 147 - SUPREME COURT OF INDIA] wherein held that even after addition there is no positive income - penalty is to be set aside. HC order upheld [2006 (7) TMI 696 - GUJARAT HIGH COURT] - Decided in favour of assessee
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