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2018 (1) TMI 896 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- Undisputedly, no penalty proceedings have been initiated by the AO during the course of assessment proceedings. During the appellate proceedings, the ld CIT(A) has enhanced the income of the assessee and satisfaction has been recorded to initiate the penalty proceedings in relation to such enhancement of income by issuance of notice u/s 274 of the Act. The Coordinate Bench in the quantum proceedings, as we have noted above, has since deleted the enhancement of income so made by the ld CIT(A). Where the very basis of levy of penalty has been deleted, the penalty cannot stand by itself and the same is liable to be cancelled. In the result, the ground taken by the Revenue is dismissed.
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