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2023 (6) TMI 119 - ITAT SURATPenalty u/s 271(1)(c) - addition on account of agricultural income on the basis of average income of two years - HELD THAT:- Admittedly such addition is based on estimation of two years’ average income and on such estimation, no penalty is leviable. As it is settled law that on estimation addition no penalty is leviable. Interest as obtained through interest bearing fund and used for non-business purposes - Assessee has voluntarily offered such interest expenditure during the assessment. Thus, the assessee is not to be penalized on such addition as he himself has offered before assessment proceedings. Direct the AO to delete the entire penalty levied under section 271(1)(c) - Grounds of appeal raised by the assessee are allowed.
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