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2022 (11) TMI 712 - AT - Income TaxPenalty u/s 271(1)(c) - estimation of income u/s 44AD - addition made on credit summation made by the assessee - Debatable issue - whether Merely difference of opinion does not construe that the assessee has furnished inaccurate particulars of return? - HELD THAT:- Undisputedly, assessee’s income has been estimated considering the deposits made in the bank account under section 44 A.D. of the Income Tax Act. In our view, penalty under section 271(1)(c) based on estimation of income is not justified. It was noted that Assessing Officer himself had found that said deposit was not made on a single day and, thus, it could not be said that assessee had failed to furnish complete particulars. Even otherwise, revenue had not come out with clear case of suppression of turnover and, penalty had been imposed merely on basis of enhancement of estimated income where impugned penalty would not sustain. Thus the penalty imposed by the AO u/s 271(1)(c) of the Act for furnishing inaccurate particulars of income and confirmed by the Ld. CIT(A) is deleted. - Decided in favour of assessee.
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