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TMI Blog2019 (6) TMI 1284X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal i.e. ITA No.1610/Del/2018, sought to set aside the impugned order dated 27.12.2017 passed by ld. CIT (Appeals), Meerut qua the assessment year 2009-10 on the grounds inter alia that :- "1. That CIT(A) is in error in making addition of Rs. 5% of total turnover of Rs. 42,50,993/- by applying section 44AF and treated net profit @ 5% of Rs. 2,12,550/- but CIT(A) is in error in holding that out of turnover peak credit of Rs. 3,39,035/- also added in the income of peak balance in the bank account of same turnover as unexplained income. Therefore, CIT(A) has made addition of Rs. 3,39,035/- as income of the assessee is against the facts and law. 2. That the assessee has furnished the Income Tax Return with Income Tax Officer, Ward-2(4), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer framed assessment under section 144/147 of the Income-tax Act, 1961 (for short 'the Act') by making addition of Rs. 42,50,993/- deposited as cash in saving bank account on account of unexplained investment u/s 68 of the Act. 5. Assessee carried the matter by way of an appeal before the ld. CIT (Appeals) who has estimated the profit by applying the provisions of section 44AF of the Act @ 5% and thereby treated an amount of Rs. 2,12,550/- on account of profit as unexplained income of the year under assessment. The CIT (A) also treated an amount of Rs. 3,39,035/- as unexplained income of the year under assessment by taking the peak value of investment by partly allowing the appeal. Feeling aggrieved, the assessee has come up before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. In view of what has been discussed above, present appeal being ITA No.1610/Del./2018 filed by the assessee is partly allowed. ITA NO.1609/DEL/2018 11. Assessing Officer initiated the penalty proceedings u/s 271(1)(b) on the ground that the assessee has failed to comply with the notice issued u/s 142 (1) of the Act on 27.07.2016 and further notice u/s 144 was issued on 09.12.2016 and 23.12.2016 and consequently completed the assessment u/s 144/147 of the Act on 30.12.2016. AO, after treating the assessee as a defaulter, levied the penalty of Rs. 10,000/- u/s 271(1)(b) of the Act. 12. Assessee carried the matter by way of an appeal before the ld. CIT (Appeals) who has confirmed the penalty levied by the AO by dismissing the appeal. Fee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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