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2013 (6) TMI 772 - AT - Income TaxExtract: .......t the contention of the assessee that penalty is not leviable on estimate of income. Following the same decisions, we do not find it to be a fit case for levy of penalty. We, accordingly, set aside the orders of the authorities below and cancel the penalty. 5. In the result, the appeal of the assessee is allowed. Order pronounced in the open court.
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