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2017 (1) TMI 1717 - AT - Income TaxApplication of net profit rate - entire bank deposit managed by the agents - HELD THAT:- We direct the AO to apply 0.15% net profit rate on the bank deposits to arrive at the net profit of the assessee. Penalty u/s 271(1)(c) - HELD THAT:- In the instant case also income has been assessed on estimated basis merely because a high percentage of income was assessed, the levy of penalty is not automatic as held in the case of Aero Traders Pvt. Ltd. [2010 (1) TMI 32 - DELHI HIGH COURT]. Respectfully following the above decision of the Tribunal in the group concerns, we delete the penalty so imposed.
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