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2015 (1) TMI 1317 - ITAT JAIPURPenalty u/s 271(1)(c) - assessee could not furnish some of the vouchers and WIP stock details as finely required by him - Held that:- It has not been disputed that the books of account are audited and the expenses are incurred at various sites. The additions are as a result of estimation based on assessee's efforts to get the proceedings settled with a pertinent request to make reasonable addition. The assessee no where agreed for rejection of books and same does not amount to un-quantified surrender in terms of facts of Mak Data (P) Ltd. vs. CIT (2013 (11) TMI 14 - SUPREME COURT). Besides WIP stock addition leads to increase in the opening stock of next year. We are of the view that decisions of Hon'ble Supreme Court in the cases of CIT vs. Reliance Petro Products (P) Ltd. (2010 (3) TMI 80 - SUPREME COURT) and Hindustan Steel Ltd. vs. State of Orrisa (supra) are squarely applicable to the assessee case Therefore, in the facts and circumstances of the case, we are inclined to delete the penalty imposed u/s 271(1)(C) by the lower authorities. - Decided in favour of assessee.
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