Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 1080 - AT - Income TaxPenalty u/s 271(1)(c) - quantum addition deleted by the tribunal - Additions were made on account of interest and short term capital gain - Held that:- there are series of decisions of the Tribunal wherein it has been held that if the quantum addition is deleted by the Tribunal then in such cases assessee should not be visited with penalty u/s 271(1)(c) of the Act for concealment of income or furnishing of inaccurate particulars of income. In appeal before us, we observe that out of total addition of ₹ 62,78,505/-, penalty on the addition of ₹ 50,185/- has already been deleted by us and for the remaining amount of addition i.e. ₹ 62,28,320/- (Rs. 8,79,320/- + ₹ 53,49,000/-) as the quantum addition has been deleted by the Tribunal for Asst. Year 2002-03 vide order dated 21.06.2013, and so no penalty is to be sustained u/s 271(1)(c) of the Act. Accordingly, we do not find any reason to interfere with the order of ld. CIT(A), we uphold the same. - Decided in favour of assessee
|