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2008 (4) TMI 210 - HIGH COURT PUNJAB & HARYANAAddition made on account of unexplained investment in excess stock – penalty also imposed – AO not verified the contention of respondent assessee that the stock is verifiable from the books of account - respondent has discharged his liability by placing on record affidavits filed by the agriculturists, to show the genuineness of the transaction - revenue failed to adduce evidence to contradict the claim of the assessee - assessee’s explanation is not p[roved false – penalty not imposable
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