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2015 (10) TMI 1473 - AT - Income TaxPenalty u/s. 271(1)(c) - addition u/s. 2(24) - CIT(A) deleted the penalty levy - Held that:- Addition directed to be made u/s. 2(24) by the Ld. CIT(A) was deleted. We also find that as the quantum addition has been deleted, the penalty relating thereto does not survive and was rightly deleted, which does not need any interference on our part, hence, we uphold the decision of the Ld. CIT(A) on this issue. Addition on account of scrap sales - Held that:- ITAT vide order restored the matter to the AO with the direction to decide the same after giving the assessee a reasonable opportunity of hearing in this regard. We note that as the quantum addition has been restored to the AO for fresh decision, the penalty imposed relating thereto was rightly cancelled by the Ld. CIT(A). - Decided in favour of assessee.
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