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1980 (4) TMI 167 - ITAT JAIPURExtract: .......tside the books and that on those sales, the profits of Rs. 5,280 were being earned. There being no such evidence on record, we hold that it is not a better case than the one in which the income is estimated by applying a gross profit rate where on penalty can be levied. For the reasons, we cancel the penalty of Rs. 5,280. 3. The appeal is allowed.
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