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1983 (4) TMI 81 - ITAT CHANDIGARHExtract: .......l representative and hold, as above said, that the sale transaction was sham and registration of sale deed was fake. 10. In the light of above finding, we also hold that none of the two penalties can survive as the very bottom on which the penalties could be based is knocked out. 11. In the result, all the three appeals of the assessee are allowed.
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