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2012 (11) TMI 67 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- In the quantum appeal the addition is confirmed partly on the basis of estimates and not on any defects - it is not in dispute neither by the AO nor by the CIT (A) that the sales effected by the assessee are bogus, thus the penalty levied on the assessee is just on the basis of conjecture and surmises - in favour of assessee.
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