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2013 (11) TMI 569 - AT - Income TaxPenalty u/s 271(1)(c) of the Income tax act – Held that:- When the Assessing Officer decided to initiate penalty proceedings, he had no material to conclude that the assessee had concealed income or provided inaccurate particulars. The assessee did provide particulars, but could not back up its claim with confirmation - Only on the basis of the assessee's offer to be taxed at 8% on gross receipts, have concluded that it had provided inaccurate particulars in its returns - The imposition of penalty was not justified – Decided in favor of Assessee.
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