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2012 (3) TMI 647 - AT - Income TaxExtract: .......f the assessee on account of alleged bogus gifts treating the same as unexplained cash credit u/s 68. In that view of the matter, we cancel the penalty imposed by the AO and sustained by the learned CIT(Appeals) and allow this appeal of the assessee. 7. In the result, the appeal of the assessee is allowed. Order pronounced on this 16th March, 2012.
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