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2013 (10) TMI 467 - ITAT HYDERABADApplication of section 275(1A) of income tax for deleting penalty imposed u/s 271(1)(c) of the Income Tax Act – concealment of income - additions made on account of transfer pricing adjustments was deleted by the ITAT - Held that:- as per section 275(1A) where the Assessing Officer has passed penalty order before the disposal of appeal against the assessment order by the appellate authority i.e. CIT(A) or ITAT, then, the order imposing or reducing or cancelling penalty or dropping the proceedings for the imposition of penalty may be passed on the basis of assessment as revised by giving effect to such order of the CIT(A) or the Appellate Tribunal or the High Court or the Supreme Court or the order of revision u/s 263 or u/s 264. ITAT having passed the order in appeal deleting all the additions excepting one, it is the requirement u/s 275(1A) that the Assessing Officer must pass an order giving effect to the order of the Tribunal and only thereafter consider the issue of imposition of penalty u/s 271(1)(c) - Set aside the order passed by the CIT(A) and restore the matter back to the file of the Assessing Officer, who shall consider the issue of imposition of penalty u/s 271(1)(c) of the Act after giving effect to the order of the Tribunal and after duly giving opportunity of being heard to the assessee in the matter.
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