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2022 (9) TMI 575 - AT - Income TaxPenalty u/s. 271(1)(c) - estimated addition for alleged low G.P. - AO rejected the books of account and estimated @ 8% gross profit on the turnover - addition on account of brokerage made - HELD THAT:- We note that the penalty was levied on the assessee on estimated addition and it is settled principle of law that no penalty u/s. 271(1)(c) can be levied on addition made on estimation. See Gopilon Texturising Pvt. Ltd. [2021 (4) TMI 860 - ITAT SURAT] Thus we delete the penalty imposed by Assessing Officer u/s. 271(1)(c) of the Act. Appeal of the assessee is allowed.
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