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2008 (8) TMI 158 - HC - Income TaxCash credits – penalty could not levied on the ground that the assessee could not produce the depositors after a lapse of 17 years from the date of the loan received from the parties by the assessee - Tribunal was wrong in confirming penalty, relying upon the statements made by the depositors in some other proceedings – assessee was not given any opportunity to confront the said depositors by way of cross examination – no evidence of concealment – penalty not justified
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