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2012 (3) TMI 141 - ITAT PUNEPenalty Proceedings - Assessee marketing machine tools - AO: calculation of income @5% of turnover under 44AF is erroneous - Held That:- In assessee own case it has been decided that invoking of provision of 44AF are bonafide - For adjusting Commission and brokerage receipts: merely non furnishing of certain paper which are not in assessee possession will not attract penalty proceedings. When claim disallowed on adhocc basis and no valid information in possession of revenue. Penalty un-justified.
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