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2022 (9) TMI 1181 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance under section 14A- HELD THAT:- As far as the first issue of disallowance under section 14A is concerned, the Ld. CIT(A) deleted the penalty and the Revenue did not appeal before us. Therefore, we uphold the order of Ld. CIT(A) on this issue in absence of any appeal and in absence of any objection from the side of the Ld. D.R. and delete the penalty levied by the A.O. on this issue. Exclusion of Income under DTAA Agreement and denying claim of deduction under section 80IA(4) - We find that in assessee’s own case for the A.Y. 2011-12 in quantum appeal [2022 (1) TMI 1276 - ITAT DELHI]decided the issues in favour of the assessee. Since the issues in quantum appeal are decided in favour of the assessee, the penalty does not survive on these issues. We, therefore, direct the A.O. to delete the penalty on these issues i.e., i.e., Exclusion of Income under DTAA Agreement and denying claim of deduction under section 80IA(4) of the I.T. Act, 1961. Appeal of the Assessee is allowed.
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