2017 (4) TMI 670

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....il Katiyar, AOR Mr. Arijit Prasad, Adv. ORDER Heard learned counsel for the appellant. The question raised in this appeal is when the assessed income is loss, as a result of reduction at the time of final asssessment as against the amount of loss declared in the Income Tax Return, the penalty under Section 271 (1) (c) of the Income Tax Act, 1961 can be levied or not? This Court in the ....