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2015 (1) TMI 662 - HC - Income TaxPenalty under Section 271(1)(c) - ITAT deleted penalty on the ground that income is determined on estimate basis - assessment challenged - Held that:- Assessment made is just and proper. The statements made in the affidavits are not based on any record or corroborated with cogent evidence. The presumption raised by the papers which were seized from the custody of the appellant had not been rebutted. - Decided against assessee. Addition had been sustained purely on estimate basis and no positive fact or finding had been had been found so as to even make the addition which was a pure guess work, no penalty under section 271(1)(c) of the Act could be said to be leviable on such guess work or estimation. Thus penalty has been wrongly imposed under Section 271(1) (c). - Decided in favour of assessee.
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