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2012 (5) TMI 707 - AT - Income TaxExtract: .......s of his income. Penalty cannot be imposed on the ground that the assessee has accepted the addition in quantum appeal for the reasons best known to him. Therefore, penalty levied is hereby deleted in both the years under consideration. 9. In the result, both the appeals filed by the assessee are allowed. Pronounced in the open court on 04/05/2012.
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