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2023 (4) TMI 1159 - AT - Income TaxPenalty u/s 271(1)(c) - additions made on estimation basis - HELD THAT:- It is seen from the records that the additions were made on the basis of estimation and part relief was granted by the Appellate Authority. AO ought not to have imposed penalty. We therefore, considering the binding precedent as relied by the Ld. Counsel for the assessee, direct the AO to delete the penalty imposed u/s 271(1)(c) of the Act to the assessee. Grounds raised by the assessee are hence, allowed.
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