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2008 (7) TMI 1040 - AT - Income TaxExtract: ....... by the assessee. Unless such corroborative evidence was available, merely on the basis of strong presumption drawn on the basis of circumstantial evidence, no penalty can be levied. We, accordingly, uphold the order of learned CIT(A) deleting the penalty of ₹ 4,56,800 levied by the AO. In the result, appeal filed by the Revenue is dismissed.
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