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2023 (6) TMI 381 - AT - Income TaxPenalty u/s 271(1)(c) - Income assessed was based on estimate basis - estimated profit @8% - HELD THAT:- As relying on Aero Traders Pvt. Ltd. [2010 (1) TMI 32 - DELHI HIGH COURT] and Subhash Trading Company (Guj) [1995 (11) TMI 37 - GUJARAT HIGH COURT] additions were made/sustained by the CIT(A) on the basis of estimation and the penalty cannot be levied on the basis of estimated additions and therefore, the Assessee cannot be subjected to levying penalty. Decided in favour of assessee.
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