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2017 (6) TMI 1242 - HC - Income TaxPenalty levied u/s 271(1)(c) - rejection of books of accounts and estimation of profit - tribunal deleting penalty - Held that:- As observed by the Tribunal that the impugned assessment was the second round of assessment. In the first round, the CIT (A) had set aside the assessment to be done denovo. In the regular assessment, the findings were based on the findings for the Assessment Year 1994-1995 wherein the books of accounts were rejected and average rate of 3% of net sales and other income was applied. It was held by the Tribunal that the assessment was based on the preceding year and in fact, in the current year, there was no material, with which the Assessing Officer could pin down the assessee - no substantial question of law arises
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