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2004 (7) TMI 305 - AT - Income TaxExtract: .......income alone that could partake the character of the assessee s turnover. Despite there being bona fide belief that such turnover did not constitute turnover of assessee, and as such penalty was not exigible. Accordingly, the penalty so imposed is liable to be cancelled. We direct accordingly. 6. In the result, the assessee s appeal stands allowed.
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