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2014 (6) TMI 840 - AT - Income TaxDeletion of penalty u/s 271(1)(c) of the Act on account of low GP – Failure to produce books of accounts and other documentary evidence – Unexplained investment u/s 131 of the Act – Held that:- In the absence of books of accounts, the Revenue was fully justified in making additions but the quantum addition is not sufficient for levying of penalty u/s. 271(1)(c) of the Act for the reason that the parameters of judging the justification for addition made in assessment case of Assessee is different from the penalty imposed on account of concealment of income – Relying upon Navjivan Oil Mills. Versus Commissioner of Income Tax [2001 (7) TMI 81 - GUJARAT High Court] - when the addition was made on estimate basis, penalty u/s 271(l)(c) was not leviable – the penalty on the addition is set aside. There is no finding of the AO that the bank account in which the cash sales were deposited were disclosed in the balance sheet - thus, the matter is remitted back to the AO for verification of the submissions and as to whether the bank account in which the cash sales are deposited was disclosed in Balance Sheet and thereafter decide the issue – Decided partly in favour of Revenue.
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