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2020 (9) TMI 758 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice - non striking off the irrelevant portion of the printed show cause notice - addition on account of application of G.P. Rate of 8% - HELD THAT:- Definite finding is required to be recorded by the Revenue Officer for reaching to a conclusion with regard to concealment of income or furnishing of inaccurate particulars of income and without any such findings, there cannot be any question of imposition of any penalty. The mere revision of income to a higher figure by the AO does not automatically warrant an inference of concealment of income by the assessee. Addition to the income of the assessee in this case is based on estimate basis whereas the concealment in our views implies some deliberate act on the part of the assessee in withholding the true facts from the authorities. As in this case the additions were made on the basis of estimation and as discussed in KR. CHINNI KRISHNA CHETTY [1998 (6) TMI 5 - MADRAS HIGH COURT] the penalty cannot be levied on the basis of estimated additions - Decided in favour of assessee.
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