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1984 (9) TMI 128 - ITAT INDOREExtract: .......the creditor. Therefore, in the absence of any further material to show that the amount of the cash credit represented the concealed income of the assessee, there was no justification for the levy of the penalty. This appeal, therefore, in our view deserves to be allowed. 3. The appeal is allowed and the penalty levied on the assessee is cancelled.
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