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2019 (3) TMI 744 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - addition on account of difference in sale consideration - substratum for levy of penalty eroded - HELD THAT:- AO had levied penalty u/s. 271(1)(c) in respect of addition on account of difference in sale consideration. In First Appeal against the said addition, the CIT (Appeals) deleted the addition on merits and allowed the appeal of assessee. Since, the substratum for levy of penalty has eroded, the penalty does not survive. In any case the Commissioner of Income Tax (Appeals) had dismissed the appeal of assessee for want of prosecution in limine, the impugned order is unsustainable in eye of law. Thus, impugned order is liable to be quashed on both the counts. - Decided in favour of assessee.
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