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2016 (12) TMI 1189 - AT - Income TaxPenalty u/s 271(1)(c) - sale of agriculture produce in the mandi - Held that:- AO made the impugned addition for not producing the relevant evidence showing the sale of agriculture produce in the mandi and the CIT-A confirmed the same observing that the Assessee did not produce anything before the AO in support of his claim and the Tribunal held that income declared under the head agriculture is excessive and determined the same by restricting to ₹ 10,00,000/-, therefore, the income on agriculture determined by the Tribunal on the basis of estimation was become final on which the AO imposed penalty. Therefore, it is clear from the addition was made on the basis of estimation. Thus penalty deleted - Decided in favour of assessee
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