Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 1286 - AT - Income TaxPenalty initiated u/s 271(1)(c) - HELD THAT:- Undisputedly, coordinate Bench of the Tribunal [2020 (11) TMI 116 - ITAT DELHI] deleted the additions. In these circumstances, the penalty levied by the AO and confirmed by ld. CIT (A) is not sustainable in view of the law laid down in case cited as K.C. Builders & Anr [2004 (1) TMI 7 - SUPREME COURT] by holding that “when the addition made in the assessment order on the basis of which penalty for concealment is levied have been deleted there remains no basis at all for levying the penalty for concealment and in such case, no penalty can survive and the penalty is liable to be cancelled.” So, in view of the matter, penalties levied by the AO and confirmed by the ld. CIT (A) is ordered to be deleted. Consequently, the appeal filed by the assessee stands allowed.
|