No concealment penalty if assessee opts to take route of presumptive taxation to escape sec. 40A(3)

IT : Where at time of initiating penalty proceedings Assessing Officer did not have any material on record showing that payments made by assessee to suppliers of building materials were bogus, he could not have merely on basis of assessee's offer to be taxed on estimate basis, concluded that assessee had provided inaccurate particulars in its return and, thus, impugned penalty order passed under section 271(1)(c) was to be set aside