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2011 (9) TMI 398 - KARNATAKA HIGH COURTPenalty-Concealment of Income-Difference in estimate - Held that:- Concealment penalty cannot be levied on the disallowance of expenses made on estimate basis. If no facts are brought on record that any income has been concealed by the assessee or the assessee has furnished inaccurate particulars. It is because of the disallowance of the expenditure the total amount representing total income is enhanced to the extent of disallowance. Conditions which are to be fulfilled before section 271(1)(c) is attracted do not exist. - Decided in favor of the assessee.
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