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2021 (6) TMI 284 - AT - Income TaxPenalty levied u/s 271(1)(c) - bogus purchases - estimation of the income/Gross Profit @15% - A.O has made disallowance of bogus purchases, whereas, on appeal CIT(A) has estimated the income/Gross Profit @15% - HELD THAT:- We are of the opinion, that where the addition is sustained on the estimated basis no penalty u/s 271(1)(c) of the Act can be levied. Accordingly, we considering the facts, circumstances and judicial decisions set aside the order of the CIT(A) and direct the assessing officer to delete the penalty and allow the grounds of appeal of the assessee.
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