Assessing Officer also passed a penalty order for furnishing inaccurate particulars of income. Allowing the appeal of the assessee the Tribunal held that when income of assessee is determined on estimate basis then no penalty under section 271(1)(c) can be imposed for concealment and furnishing inaccurate particulars of income. Tribunal also held that penalty order was silent on issue as to how satisfaction of concealment/furnishing of inaccurate particulars was arrived at. Accordingly the penalty order was set aside. (AY. 2013-14)