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2016 (6) TMI 212 - ITAT AMRITSARPenalty u/s 271(1) (c ) - G.P. estimation - Held that:- The assessment was completed by applying 5% as net profit of gross receipts which was estimation basis thus in the case of estimation of profit penalty u/s 271(1) (c ) was not imposable. - Decided in favour of assessee.
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