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2013 (9) TMI 1052 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- The addition in the hands of the assessee was made on two accounts i.e. (i) because of non declaration of receipts by the assessee and; (ii) estimation of profits in the hands of the assessee. As far as the issue of estimation of profits in the hands of the assessee is concerned, we are of the view that there is no merit in the levy of penalty under section 271 (1) (c) of the Act as it is the case of two views and because of the divergence of view, estimation of profits in the hands of the assessee. Accordingly, we uphold the order of the CIT(Appeals) in this regard and confirm the deletion of penalty on estimation of profits in the hands of the assessee. The grounds of appeal raised by the revenue are dismissed. Addition on which penalty under section 271 (1) (c) was levied, was under declaration of the receipts by the assessee. The assessee had declared contract receipts from the civil work undertaken by the assessee. However, receipts totaling ₹ 21,54,387/- were not declared and some part was declared in the security account by the assessee but were not declared as part of the receipts from PWD, Sirhind. When information was called from the PWD, Sirhind, the Assessing Officer found the assessee to have suppressed its contract receipts on which tax was also deducted at source by the said concern. The case of the assessee, however was that it had not received the said TDS certificates from the said department and, hence the confusion and under-declaration of the receipts by the assessee. We find no merit in the stand of the assessee in this regard and it is a fit case of levy of penalty for furnishing inaccurate particulars of income
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