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2013 (9) TMI 449 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- AO had levied penalty due to the additions made on estimate basis not relying on the Xerox copies of the vouchers and registers produced. Further it is evident from the submissions of the assessee that the assessee had produced substantial document to prove the genuineness of the transactions. The learned assessing officer was also convinced that the assessee had incurred expenditure considering the nature of business. The only dispute was with respect of quantum of allowable expenditure since the assessee had not produced all the relevant vouchers. Moreover the learned AO did not bring any materials on record that the assessee has claimed excess expenditure. In such circumstances the estimated addition does not necessarily indicate that there is concealment of income or furnishing of inaccurate particulars of income on the part of the assessee - Decided against Revenue.
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