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2019 (5) TMI 1314 - AT - Income TaxPenalty u/s 271(1)(c) - claim of deduction u/s 54 - quantum addition deleted by Tribunal - HELD THAT:- It is evident, the basis for imposition of penalty under section 271(1)(c) of the Act is the disallowance of assessee’s claim of deduction under section 54. Tribunal while deciding assessee’s quantum appeal in the order referred to above has allowed assessee’s claim of deduction under section 54 - the very foundation on which the penalty under section 271(1)(c) of the Act was imposed no longer exists. That being the case, the penalty imposed under section 271(1)(c) of the Act cannot also survive. Accordingly, we delete the penalty imposed under section 271(1)(c) of the Act for the impugned assessment year. Assessee's Grounds are allowed.
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