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of Levy of penalty u/s. 271(1)(c) - No doubt, the assessee needs to disclose necessary facts with regard to payment of interest for housing loan and receipt of interest income from builder under appropriate head of income. But fact remains that if you consider net result of both transactions the assessee incurred loss and from this it is abundantly clear that there is no loss of revenue to the Government. - When no Loss to revenue, no penalty.
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