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2019 (2) TMI 1539 - AT - Income TaxPenalty u/s 271(1)(c) - Quantum addition deleted in appeal - HELD THAT:- When undisputedly addition on the basis of which penalty proceedings have been initiated is no more in existence having been deleted by the Tribunal, penalty levied by AO and confirmed by the CIT(A) is not sustainable in the eyes of law, hence ordered to be deleted in view of the judgment rendered in the case of K.C. Builders & Anr vs. ACIT [2004 (1) TMI 7 - SUPREME COURT] wherein it is held 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, penalty levied by the ld. CIT (A) is ordered to be deleted - Decided in favour of assessee.
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