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2010 (4) TMI 386 - CHHATTISGARH HIGH COURTPenalty- the assessee filed return for the year under consideration declaring total income at Rs. 70,818. The Assessing Officer rejected the book results and made an addition of Rs. 1,70,920 by estimating the net profit at 10 per cent. of receipt as against 6.36 per cent. shown by the assessee. Penalty proceedings were initiated under section 271(1)(c) of the Act, and the Assessing Officer imposed penalty of Rs.60,000. The appeal preferred by the assessee against the imposition of penalty under section 271(1)(c) of the Act was allowed by the Commissioner of Income-tax (Appeals) with a finding that the addition was only on account of application of higher rate of net profit by applying the provisions of section 145. There is no evidence on record to show that the assessee had concealed the particulars of income or submitted inaccurate particulars of his income. Tribunal allow the appeal filed by revenue. Held that- the undisputed facts were that particulars furnished by the assessee regarding receipts in the relevant financial year had not been found inaccurate and it was also not the case of revenue that the assessee concealed any income in his return. Thus penalty could not be imposed.
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