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TMI Blog2025 (5) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... L KUMAR SINGH, JUDICIAL MEMBER: This appeal has been preferred by assessee against the impugned order dated 13.04.2022 passed in Appeal no. CIT(A)-AGRA-1/10058/2020- 21 by the Ld. Commissioner of Income- tax(Appeals)/National Faceless Appeal Centre (NFAC) [hereinafter referred to as the "CIT(A)"] u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to as "Act"] for the Assessment Year [A.Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income. 3. In appeal against the assessment order dated 18.03.2015, first appellate authority reduced the addition of NP rate @ 8% of total turnover. Further, this Tribunal vide order dated 04.09.2019 passed in ITA No. 306/Agr/2017 reduced the NP rate @ 6%. 4. Assessee in appeal against the present penalty order dated 18.03.2020 approached with a prayer that the penalty order cannot stand on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that in quantum proceedings while making addition, the Assessing Officer estimated net profit rate at 12%, which got reduced to 8% by first appellate authority and to 6% by Tribunal. This fact is not disputed by the Revenue. Therefore, in view of the order of coordinate Bench of this Tribunal in Naresh Katare Contractor vs. ACIT (2017) 51 CCH 316(Agra-Trib) relied upon by ld. counsel for assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of ITAT, Agra Bench, Agra, (Supra), it was held that penalty is not leviable when income was assessed based on estimated profit and substantially reduced by the Tribunal. In the present case, the assessment was based on estimated profit @ 12.5 % which is substantially reduced by the ld. CIT (A) by estimating @ 6 % and further reduced by the Tribunal @ 3% in quantum appeal. The cases referred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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