RAJESH AGARWAL,KOLKATA vs. ITO, WARD-25(3), KOLKATA

The present appeal is directed at the instance of the assessee against the order of the National Faceless Appeal Centre, Delhi, [hereinafter the “ld. CIT(A)”] dt. 06/12/2023, passed u/s 250 of the Income Tax Act, 1961 (“the Act”) for the Assessment Year 2008-09.

The sole issue involved in this appeal is as to whether the ld. CIT(A) erred in confirming the penalty levied by the Assessing Officer at Rs.3,48,398/- u/s 271(1)(c) of the Act. At the outset, the ld. Counsel for the assessee submitted that the penalty has been levied on the addition made by the Assessing Officer on estimated basis. He further submitted that the ld. Assessing Officer estimated the profit @ 12% which was further scaled down by the ld. CIT(A) @10%. Further the Hon’ble Tribunal vide order dt. 04/10/2017 had directed to apply the rate of 8%. He submitted that in the light of the settled judicial