Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 183 - AT - Income TaxPenalty imposed u/s 271(1)( c) r/w section 274 - disallowing excess and incorrect deduction u/s 80IA on account of profit from trading of VSAT equipment , service charges for computer software updating of NMS, FDRs pledged with Bank for availing non fund based working capital limits treating it as income from other sources and profit earned from segment charges - CIT(A) deleted penalty levy - Held that:- The issue of penalty is consequential to the disallowance/addition made in the quantum proceedings. As per facts submitted by the assessee and fairly accepted by the ld. DR, we observe that all four issues have not attained finality and these are pending before the AO and the Tribunal for a fresh adjudication as per order of Hon’ble High Court dated 17.5.2012 and order of the Tribunal dated 31.3.2010. Therefore, we find it appropriate to restore the issue of penalty for a fresh adjudication to the file of AO with the direction that the AO shall decide the penalty proceedings after affording due opportunity of hearing for the assessee and keeping in view the outcome of quantum proceedings orders by respective quasi-judicial and judicial forums and without being prejudiced from the earlier penalty and impugned appellate orders. - Decided in favour of revenue for statistical purposes
|