2001 (7) TMI 1297

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....ed a return for the asst. yr. 1990-91 declaring a loss of Rs. 1,92,643. The AO proceeded under s. 143(3) of the IT Act, 1961, and found that the loss was only Rs. 77,640. Having held that, the penalty proceedings under s. 271(1)(c) were initiated. Penalty was levied. On appeal by the assessee, the CIT(A) accepted the claim that no penalty could have been levied in view of the decision of the High ....