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1977 (7) TMI 63 - ITAT AMRITSARExtract: .......matter of estimate. There is no cogent proof that the sum of Rs. 7,700 representing the unexplained investment was consciously concealed by the assessee. No penalty is, therefore, exigible on this item. 6. We, therefore, hold that the penalty is exigible on the assessee only to the tune of Rs. 16,500. 7. In the result, the appeal is partly allowed.
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