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2013 (7) TMI 969 - AT - Income TaxExtract: .......t penalty cannot be levied merely on estimation of income. Further the explanation given by Assessee has not been found to be false. In view of aforesaid facts, we are of the view that no penalty can be levied in the present case. Thus the penalty is deleted. 10. The appeals of the Assessee is allowed. Order pronounced in Open Court on 05-07 -2013.
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