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2011 (12) TMI 651 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- It is not the case of the Revenue that the gross receipts shown by the assessee are not correct or it is not a case of estimation of income we are of the view that there is no concealment on the part of the assessee which may call for levy of penalty u/s 271(1)(c) of the Act and accordingly, the penalty imposed by the AO and sustained by the ld. CIT (A) is deleted. The grounds taken by the assessee are , therefore, allowed.
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