2005 (10) TMI 87

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....- The appellant-Revenue has proposed the following question: "Whether the Appellate Tribunal is right in facts and in law in cancelling the penalty levied under section 271(1) (c) of the Act on the ground that the penalty cannot be levied in case of loss?" 2. Heard Mr. M. R. Bhatt, learned senior standing counsel for the appellant. 3. According to him, in the light of the decision  rendere....