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2004 (9) TMI 592 - AT - Income TaxExtract: .......y mis-conceived and cannot be sustained. 13. For the aforesaid reasons, we are inclined to hold that sales transactions in question are sham and illusory ones and, therefore, loss of Rs. 45,50,000 claimed on such transactions is non-genuine. The finding of the ld. CIT(A) on the issue is, therefore, reversed and the appeal of the revenue is allowed.
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