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2015 (2) TMI 582 - AT - Income TaxPenalty u/s 271(1)(c) - deduction under section 80-IC denied - Held that:- As ultimately part of the deduction has been denied on some estimated profits on certain sales. It is almost settled now that penal action cannot be taken on the basis of estimated additions. A reference may be made to the decision cases of CIT v. Ravail Singh and Co. [2002 (1) TMI 52 - PUNJAB AND HARYANA High Court ] and CIT v. Sangrur Vanaspati Mills Ltd. [2008 (2) TMI 285 - PUNJAB AND HARYANA HIGH COURT]. Therefore, this is not a fit case for levy of penalty because the part of the deduction was denied on the basis of some estimated addition. Accordingly set aside the order of CIT(Appeals) and delete the penalty. - Decided in favour of assessee
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