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2010 (12) TMI 1205 - AT - Income TaxExtract: .......al to demonstrate the impugned penny stocks in question were purchased for converting the unaccounted money into accounted money. Accordingly, we are of the opinion this is not fit case for levy of penalty. 8. Accordingly, appeal of the assessee is allowed. 9. In the result appeal of the assessee is allowed. Order pronounced on 08th December, 2010.
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