2021 (2) TMI 419 - ITAT DELHI - Income Tax

Head Note / Extract:
Penalty u/s 271(1)(c) - bogus purchases - HELD THAT:- In this case the quantum addition made by the ld. Assessing Officer on which the penalty has been levied has already been deleted by the Tribunal, which has now become final we are of the view that now the cause for the levy of the penalty does not continue. In view of these facts, we reverse the orders of the lower authorities and direct the ld. Assessing Officer to delete the penalty levied under Section 271(1)(c) of the Act. Accordingly, appeal of the assessee is allowed.