Commissioner Of Income Tax vs Shree Chowatia Tubes (India) (P) Ltd.
Whether penalty under s. 271(1)(c) of the Income Tax Act, 1961 can be levied when the assessed income is a loss, as a result of reduction at the time of final assessment as against the amount of loss declared in the IT return --- Held Yes, penalty can be levied even if no tax is payable on the total income assessed.
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