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2012 (8) TMI 617 - HC - Income TaxPenalty under section 158BFA(2) of the Act for concealing the income – Held that:- alleged items was examined, thoroughly and in detail, by the Commissioner of Income-tax (Appeals) as well as the Income-tax Appellate Tribunal and by a reasoned order, both came to a conclusion that additions are based on estimation only – A fact or allegation based on estimation, cannot be said to be correct only, it can be incorrect also - penalty was wrongly imposed by the Assessing Officer – addition deleted
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