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2019 (3) TMI 496 - AT - Income TaxPenalty u/s 271(1)(c) - quantum addition deleted - HELD THAT:- It is an admitted fact that the addition on the basis of which the penalty u/s 271(1)(c) of the Act was levied by the Assessing officer has been deleted by the ITAT. On a similar issue in the case of K. C. Builders & Others Vs ACIT [2004 (1) TMI 7 - SUPREME COURT] held that Where the additions made in the assessment order on the basis of which penalty for concealment is levied, are deleted, there remains no basis at all for levying penalty for concealment and, therefore, in such a case no penalty can survive - Decided in favour of assessee.
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