Court :
ITAT Delhi
Brief :
This appeal filed by the assessee is directed against the order dated 31st January, 2018 of the CIT(A), Ghaziabad, relating to assessment year 2013-14.
Citation :
ITA No.2059/Del/2018
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH : F : NEW DELHI
BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER
AND
SHRI AMIT SHUKLA, JUDICIAL MEMBER
ITA No.2059/Del/2018
Assessment Year: 2013-14
V.B. Builders,
C/o Praveen Aggarwal & Co.,CAs,
23, Bhai Veer Singh Marg,
Gole Market,
New Delhi
PAN: AAGFV0254P
(Appellant)
VS
DCIT,
Circle-2,
Ghaziabad.
(Respondent)
Assessee by : Shri KVSR Krishnan, CA
Revenue by : Shri N.K. Bansal, Sr. DR
Date of Hearing : 19.07.2021
Date of Pronouncement : 27.07.2021
ORDER
This appeal filed by the assessee is directed against the order dated 31st January, 2018 of the CIT(A), Ghaziabad, relating to assessment year 2013-14.
2. Levy of penalty of Rs.6,63,960/- by the AO u/s 271(1)(c) of the IT Act, 1961 which has been upheld by the CIT(A) is the only issue raised by the assessee in the grounds of appeal.
3. Facts of the case, in brief, are that the assessee is a partnership firm engaged in the business of real estate. It filed its return of income on 29th October, 2013 declaring total income at Rs.1,78,80,820/-. The AO completed the assessment u/s 143(3) of the IT Act, 1961 on 30th December, 2015 determining the total income of the assessee at Rs.2,00,28,920/- wherein he made an addition of Rs.21,48,102/- by estimating the profit at 14.5% as agreed by the assessee for such estimation.
4. We find, the AO, in the instant case, made addition of Rs.21,48,102/- to the total income of the assessee by estimating the profit on sale of Rs.11,82,69,105/- @ 14.5% and after deducting the business income already shown by the assessee had made addition of the same.
5. In the result, the appeal filed by the assessee is allowed.
Pronounced in the open court on 27.07.2021.
Please find attached the enclosed file for the full judgement
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