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<h1>Appeal Dismissed: No Penalty for Loss Income under Income-tax Act</h1> <h3>Joint Commissioner of Income Tax Versus Saheli Leasing & Industries Ltd.</h3> Joint Commissioner of Income Tax Versus Saheli Leasing & Industries Ltd. - TMI The High Court of Gujarat dismissed the appeal as no penalty under Section 271(1)(C) of the Income-tax Act is attracted when the assessed income is a loss and shown as 'NIL Income.'