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2016 (11) TMI 884 - AT - Income TaxPenalty u/s 271(1)(c) - g.p. estimation - Held that:- There is no concrete evidence of concealment of income or furnishing of inaccurate particulars of income within the meaning of section 271(1)(c) of the Act and the addition was made based on estimating Gross Profit by rejecting books of accounts hence no penalty is attracted. Thus we reverse the orders of the authorities below and delete the penalty levied under section 271(1)(c) of the Act on estimated addition.- Decided in favour of assessee
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