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2024 (3) TMI 1011 - AT - Income TaxPenalty levied u/s 271(1)(c) - Estimation of income - bogus purchases - addition of 12.5% of the total purchases - HELD THAT:- As decided in MUKESH SHALIGRAM SHARDA [2023 (4) TMI 678 - ITAT MUMBAI] no penalty u/s 271(1)(c) is leviable on estimated additions. Thus the impugned order deleting the penalty levied u/s 271(1)(c) of the Act is upheld. As a result, grounds raised by the Revenue are dismissed.
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