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2016 (8) TMI 1486 - ITAT MUMBAIPenalty u/s 271(1)(c) - professional fee paid to Shri S.K. Gupta - HELD THAT:- As decided by Tribunal that the Assessing Officer was not justified in making the disallowance of profession fee paid to Shri S.K. Gupta and the Ld. Commissioner of Income Tax (Appeal) in confirming the same. In view of this factual matrix, since the addition on the basis of which penalty was levied is no more surviving, therefore, penalty has to be deleted. Our view find support from the decision in K.C. Builders vs ACIT (2004 (1) TMI 7 - SUPREME COURT) and CIT vs S.P. Viz, (1988 (10) TMI 24 - PATNA HIGH COURT). Even otherwise, when the quantum addition is deleted, there remains no basis at all for levying the penalty for concealment or furnishing inaccurate particulars. The penalty cannot stand on its legs, thus, the appeal of the Revenue is dismissed. The stand of the Ld. Commissioner of Income Tax (Appeal) is affirmed. Appeal of the Revenue is dismissed.
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