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2019 (7) TMI 225 - AT - Income TaxRectification of mistake u/s. 254(2) - Levy of penalty u/s 271(1)(c) - attempt to infuse money into account through fraudulent penny stocks @ 10%, which was rightly brought to tax @ 30% by the AO - HELD THAT:- We find that the ITAT has deleted the penalty by placing reliance upon the catena of case laws. It has not been submitted by the Revenue in the aforesaid submission as to how those case laws are not applicable. The Tribunal in its order had elaborately dealt with the reasoning for deleting the penalty. Furthermore, case laws referred by ITAT dealt with various issue and on the touchstone of which penalty levied was deleted. Now, by way of this Miscellaneous Application Revenue seeks review of the order of the Tribunal, which is not permissible in the garb of rectification of mistake u/s. 254(2). Accordingly, this Miscellaneous Application filed by the Revenue stands dismissed.
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