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No concealment penalty if books of account are rejected and profit is estimated on GP ratio

March 18, 2013[2013] 32 192 (Gujarat)/[2013] 214 Taxman 93 (Gujarat)(Mag.)/[2014] 360 ITR 385 (Gujarat)

IT : Penalty under section 271(1)(c) could not be imposed merely because books of account maintained by assessee were rejected and its profit was estimated on basis of fair gross profit ratio
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