No Penalty Imposed u/s 271(1)(c) Due to Lack of Evidence on Income Concealment in Estimated Profit Case.

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....Penalty levied u/s. 271(1)(c) - estimated rate of profit applied on the turnover of the assessee - in the case on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases without there being any conclusive proof of concealment of income or furnishing inaccurate particulars of such income. - No penalty - AT....