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2021 (5) TMI 756 - AT - Income TaxPenalty u/s. 271(1)(c) - quantum addition made as long term capital gain - HELD THAT:- In the present case, it is noticed that the quantum addition on the basis on which, the impugned penalty was levied by the A.O. has been deleted by the ITAT [2020 (2) TMI 776 - ITAT CHANDIGARH] therefore, the addition on the basis of which the penalty u/s. 271(1)(c) of the Act was levied by the A.O. is not in existence, therefore, penalty u/s. 271(1)(c) of the Act levied by the A.O. was rightly deleted by the Ld. CIT(A). Also see KC BUILDERS AND ANOTHER VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX [2004 (1) TMI 7 - SUPREME COURT] - Decided against revenue.
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