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2019 (6) TMI 788 - AT - Income TaxPenalty levied u/s 271(1)(c) - concealment of income with regard to the bogus share application money received by the assessee u/s 68 - HELD THAT:- Undisputedly, coordinate Bench of the Tribunal [2016 (11) TMI 589 - ITAT DELHI] deleted the addition made u/s 68 of the Act. In these circumstances, the penalty levied by the AO and confirmed by ld. CIT (A) is not sustainable in view of the law laid down in K.C. Builders & Anr vs. ACIT [2004 (1) TMI 7 - SUPREME COURT] because 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 - Decided in favour of assessee.
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