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2021 (1) TMI 198 - AT - Income TaxLevy of penalty u/s 271(1)(c) - gross receipts should not be assessed to tax but only 60% of the gross receipts, which suggests that the income is finally assessed on estimated basis - HELD THAT:- \From the evidence on record, it is clear that the income was assessed on estimated basis i.e. the rate of 60% of the gross receipts, therefore, the income assessed originally by the Assessing Officer had come down whereas the penalty was levied with respect to the original assessed income by the Assessing Officer. The ld. CIT(A) obviously lost sight of the Tribunal’s order passed in the quantum appeal, however, without dwelling further on this aspect. It is settled position of law that in case where the income is assessed on estimated basis levy of penalty u/s 271(1)(c) of the Act cannot be upheld. - Decided in favour of assessee.
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