The Assessing Officer rejected books of account of assessee and applied net profit rate of 24.50 per cent on gross receipts as against 22.72 per cent declared by assessee  and also levied penalty under section 271(1)(c) of the Act. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that,  since quantum assessment order was based on application of estimated rate of NP levy of penalty is held to be not valid.[AY. 2016-17)