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2017 (11) TMI 2040 - AT - Income TaxLevy of penalty u/s 271(1)(c) - additions u/s 2(22)(e) towards deemed dividend, unexplained jewellery, interest disallowance u/s 14A - HELD THAT:- As in the quantum proceedings, the Coordinate Bench has deleted the additions towards unexplained jewellery and interest income, we find the same to be correct as apparent from the following findings of the Coordinate Bench in [2017 (9) TMI 473 - ITAT JAIPUR]. Thus where the additions which were the subject matter for levy of penalty has been deleted, there is no basis for levy of penalty and hence, the same is hereby deleted. Penalty on deemed dividend - Following the consistent position taken by the Coordinate Benches in assessee’s group cases [2016 (4) TMI 71 - ITAT JAIPUR] and [2016 (6) TMI 1475 - ITAT JAIPUR] where the penalty levied u/s 271(1)(c) has been deleted business transaction is not covered under section 2(22)(e) the penalty levied in the instant case is hereby deleted as there are no changes in the facts and circumstances of the case. Appeal of the assessee is allowed.
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