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2013 (8) TMI 144 - HC - Income TaxPenalty u/s 271(1)(c) - Unexplained expenditure - Rejection of books of accounts - Tribunal deleted penalty - Held that:- merely because account books of assessee were rejected and that profit was estimated on the basis of fair gross profit ratio, no penalty can be imposed - No evidence was brought by the Revenue to suggest that assessee had retained a portion of sales tax with it - Decided against Revenue.
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