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2021 (10) TMI 663 - ITAT MUMBAIPenalty u/s 271(1)(c) - bogus loan and interest paid on bogus loans - HELD THAT:- When the impugned addition that had found the very basis for imposing penalty u/s. 271(1)(c) of the Act had been vacated by the Tribunal, vide its order passed [2019 (6) TMI 584 - ITAT MUMBAI] therefore, the consequential penalty imposed by the A.O cannot survive on a standalone basis and has to meet the same fate. On a perusal of the order of the CIT(A), we find that he had after taking cognizance of the fact that the impugned additions had been vacated by the Tribunal struck down the the penalty imposed by the A.O under Sec. 271(1)(c) - Decided in favour of assessee.
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