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2022 (7) TMI 119 - AT - Income TaxPenalty u/s 271(1)(c) - addition as assessee indulged in providing accommodation entries - reopening u/s 147 on the basis of information received from Investigation Wing that a search action was conducted on Rajendra Jain and his group that certain incriminating material was found leading to conclusion that Rajendra Jain group was indulged in providing accommodation entries in the name of bogus sales and unsecured loans and the assessee was one of the concern controlled by Rajendra Jain group - HELD THAT:- Considering the fact that addition in the assessment order, on the basis of which the penalty was levied, is purely an estimated addition. It is settled position in law that no penalty under section 271(1)(c) can be levied on additions made on estimation. The similar view was taken in Manish Dhirajlal Mehta [2014 (11) TMI 939 - GUJARAT HIGH COURT], Vijay Proteins Ltd.[2015 (1) TMI 828 - GUJARAT HIGH COURT], Vijay Proteins [2015 (1) TMI 828 - GUJARAT HIGH COURT] and other various cases. No contrary facts or law is brought to our notice by the ld. Sr. DR for the revenue at the time of hearing of these appeals. Therefore, considering the totality of facts and circumstances, we direct to delete the penalty levied under Section 271(1)(c) of the Act. - Decided in favour of assessee.
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