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2021 (1) TMI 281 - AT - Income TaxPenalty u/s 271(1)(c) - additions made by the Assessing Officer under various heads viz. disallowance u/s 40(a)(ia), disallowance of provision for sales incentives, disallowance of claim of deduction u/s 80IC, disallowance of exchange loss and addition made in respect of foreign exchange gains. HELD THAT:- As brought to our notice that the quantum additions made by the AO stands deleted by the order of the tribunal dated 10.11.2020 and hence, the penalty does not survive. The facts have not been disputed by the Ld. DR. Since all the quantum additions stands deleted, we hereby hold that the penalty levied u/s 271(1)(c) do not survive at this juncture.
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