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2012 (11) TMI 157 - ITAT, AHMEDABADPenalty u/s. 271(1)(c) - unexplained expenditure on purchase of goods - Held that:- In the quantum appeal, the Hon’ble ITAT on the basis of quantitative details of stock submitted by the assessee held that the contention of the assessee that the goods were in fact purchased cannot be discarded but might have been purchased from some other party than from those shown in the books. In view of these facts, the Hon’ble Tribunal restricted the addition to 15% of the purchases. Thus the addition has been made on the basis of estimate. As decided in CIT Versus SANGRUR VANASPATI MILLS LTD. [2008 (2) TMI 285 - PUNJAB AND HARYANA HIGH COURT] provisions of Sec. 271(1)(c) are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein, thus in the present case also no penalty will be levied - in favour of assessee.
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