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In favour of assessee.The addition of Rs. 2,26,000/( Rupees two lakhs twenty six thousand only) by the Officer under Section 68 of the 1961 Act, towards cash credit amount shown against the names of concerned unregistered dealers for the assessment year 1998-1999, is hereby set aside.

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Sec. 68 & 271(1)(c) of Income Tax Act, 1961— penalty —BASIR AHMED SISODIYA vs. ITO.[2020] 24 ITCD Online 025 (SC)