Tax Officer's Penalty for Concealed Income u/s 271(1)(c) Canceled Due to Estimated Income Discrepancy.

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....Penalty u/s 271(1)(c) of the Income Tax Act - concealment of income - AO rejected to books of accounts since 90% of expenses paid in cash and not verifiable - AO applied the net profit rate @ 3.1% instead of 2.1% - levy of penalty on estimate of income be cancelled. - AT....