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1994 (12) TMI 108 - ITAT CALCUTTA-C
Extract:
.......ve the identity and creditworthiness of the subscribers and the genuineness of the transaction does not perse suffice for the purposes of levying penalty. We therefore reject the contention of the department. 18. For these reasons we are of the view that the penalty levied on the assessee cannot be sustained. We cancel the same and allow the appeal