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2016 (8) TMI 859 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- In the case of K. C. Builders v. Asst. CIT [2004 (1) TMI 7 - SUPREME Court] which has authoritatively laid down that where the additions made in the assessment order on the basis of which penalty for concealment was levied has been deleted, there remains no basis at all for levying the penalty for concealment and, therefore, in such a case no such penalty can survive. We find that no Departmental appeal has been filed assailing the relief granted by the Commissioner of Income-tax (Appeals) and in the face of the relief granted by the Income-tax Appellate Tribunal in the quantum proceedings the penalty order is dismissed as infructuous and the impugned order is set aside. - Decided in favour of assessee.
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