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2015 (10) TMI 579 - ITAT MUMBAIPenalty u/s 271(1)(c) - addition relating to gross profit and selling and administrative expenses - Held that:- The income of the assessee was determined by applying the gross profit rate and by making the disallowance out of the expenses on estimate basis. The learned CIT(A) also sustained the addition on estimate basis, so it cannot be said that the assessee concealed the income or furnished inaccurate particulars of income. Penalty u/s 271(1)(c) of the Act was not leviable to the facts of the present case. In that view of the matter, the penalty levied by the AO and sustained by the learned CIT(A) u/s 271(1)(c) of the Act is deleted. - Decided in favour of assessee.
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