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TMI Blog2015 (10) TMI 1630X X X X Extracts X X X X X X X X Extracts X X X X ..... ng before us, it is submitted by the ld. Counsel that the assessee derives income from construction of bungalows and sales thereof. That apart from the standard work and fittings in the bungalows, if some buyers require any specific work to be performed or any specific fittings to be provided, then the assessee charged separately which was over and above the sale price of the bungalows. That during the accounting year relevant to assessment year under consideration, the total collection from the additional work performed by the assessee was Rs. 2,78,96,582/-. That in the return filed, the assessee has disclosed additional income of Rs. 30,00,000/- on the receipt from extra work amounting to Rs. 2,78,96,582/-. The net profit estimated by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ased bungalow from the assessee. Therefore, while providing such services, there is no profit motive and many a time many builders provide such services at cost. The assessee has already disclosed the profit of 10.75% on the receipt from such extra services which was quite fair and reasonable. That merely because a higher percentage of income is estimated, the assessee should not be penalized for concealment of income. 4. The ld. Departmental Representative, on the other hand, relied upon the decision of Hon'ble Delhi High Court in the case of CIT vs. Kalindi Rail Niman Engg. Ltd. vide ITA No.244/2013, decision dated 15.04.2014. 5. We have carefully considered the arguments of both the sides and perused the material placed before us. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to retention of the portion of the sales tax, the Tribunal stated that no evidence was brought by the Revenue to suggest that assessee had retained a portion of sales tax with it. Assessee filed its explanation which could not be termed as not bona fide. In absence of any corroborative evidence to prove the charge that the portion of sales tax bill was retained by the assessee, penalty could not be imposed. From the above discussion, it can be seen that the opinion of the Tribunal with respect to deletion of penalty is based on appreciation of evidence on record. With respect to additions made after rejection of book result and on the basis of fair gross profit ratio, the Tribunal found no additional material to sustain the penalty. With re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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