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2014 (2) TMI 1364 - AT - Income TaxPenalty u/s 271(1)(c) - assessee was not into existence - HELD THAT:- Assessee itself was not in existence as the company was incorporated on 11.1.2007 only and assessee had specifically raised this ground before CIT(A) but CIT(A) without looking into the facts passed the orders in these two years also as in all other years. Therefore, the penalty order for these years does not stand as the assessee was not into existence in these years. Regarding other years also we find that facts and circumstances exactly are same as in the order referred to above and therefore respectfully following the order of coordinate Benches we also delete the penalties imposed by the AO and confirmed by CIT(A). - Appeals filed by the assessee are allowed.
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