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2010 (12) TMI 117 - PUNJAB AND HARYANA HIGH COURTPenalty - Concealment of Income - Learned counsel for the assessee submitted that mere fact that addition was sustained by rejecting the plea of the assessee about loss of bardana, was not enough to uphold the penalty based on the judgment of this Court in CIT v. Ajaib Singh & co. [2001 -TMI - 13145 - PUNJAB AND HARYANA High Court] - Levy of penalty is not based on mere addition but on satisfaction that there was concealment of particulars of income - The appeal is dismissed.
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