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2023 (9) TMI 385 - AT - Income TaxPenalty levied u/s 271(1)(c) - denying exemption u/s. 10(23C) (iii ad) claimed by the appellant as per the return of income - HELD THAT:- Admittedly, in the present case, since the quantum appeal of the assessee in [2023 (8) TMI 327 - ITAT RAIPUR] was set aside by the ITAT, Raipur, therefore, respectfully following the ratio of law laid down in the case of K.C. Builders vs. ACIT (2004 (1) TMI 7 - SUPREME COURT), we are of the considered opinion that the penalty order passed by the Ld. Assessing Officer u/s 271(1)(c) and sustained by the Ld. CIT(A) cannot stand by itself and the same is liable to be cancelled. Appeal of the assessee is allowed.
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