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2014 (7) TMI 1108 - AT - Income TaxPenalty u/s 271(1)(C) - A.O. failed to specify in the notice the nature of default i.e. concealment of income or furnishing of inaccurate particulars of income - Held that:- it is an admitted fact that the stock was found short at the time of survey proceedings and on that basis, the Assessing Officer estimated the sale and made the addition on estimate basis - Following decision of CIT Vs. Krishi Tyre Retreading & Rubber Industries reported at [2014 (2) TMI 21 - RAJASTHAN HIGH COURT] - Penalty deleted - Decided in favour of assessee.
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