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2024 (2) TMI 533 - AT - Income TaxPenalty u/s 271(1)(c) - CIT(A) justification in deleting the penalty levied by AO u/s 271(1)(c) when Department is presently in appeal before the High Court of Gujarat against the order passed by Hon’ble ITAT deleting the quantum addition - HELD THAT:- At the time of hearing before us, we observe that, in the quantum appeal, the Tribunal has deleted the quantum addition in [2021 (4) TMI 199 - ITAT AHMEDABAD]. In the light of the order of the Tribunal in the quantum proceedings where the Tribunal deleted the addition, and in view of the Department’s appeal to the High Court challenging the deletion of the said addition, it is pertinent to note that the High Court has neither overturned the Tribunal’s order nor issued a stay order as of now. Accordingly, the Tribunal’s decision retains its legal validity, and presently no addition stands. Consequently, the penalty imposed by the Department under Section 271(1)(c) of the Act on the impugned addition is legally unsustainable. Decided in favour of assessee.
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