Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2021 (6) TMI 1148 - ITAT MUMBAI
Addition u/s 68 - unsecured loans and disallowance made on account of interest and commission - HELD THAT:- No good reason to interfere and reverse the findings of the CIT(A), especially when the facts being identical to the A.Y.2013-14 and A.Y.2014-15 wherein the Tribunal deleted the addition made u/s. 68 of the Act which order has been followed by the Ld.CIT(A). Thus, we do not find any infirmity in the order passed by the Ld.CIT(A). Grounds raised by the revenue are dismissed.
Penalty u/s. 271(1)(c) - addition u/s. 68 in assessment proceedings - HELD THAT:- we observe that the Tribunal has deleted the quantum addition made by the AO u/s. 68 of the Act. Since the quantum addition has been deleted by the Tribunal the Ld. Commissioner of Income-tax (Appeals) has rightly deleted the penalty as no penalty will survive. Decided against revenue.