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2017 (2) TMI 403 - ITAT AHMEDABADPenalty u/s 271(1)(c) - Held that:- In the light of the decision of the Co-ordinate Bench in the quantum appeal, as the quantum addition relating to disallowance of gratuity has been deleted by the Co-ordinate Bench, we are of the view that penalty u/s 271(1)(c) of the Act on disallowance of gratuity payment has been rightly deleted by ld. CIT(A). As regards disallowance on depreciation on investment the matter had been set aside to the file of ld. CIT(A), we are of the view that penalty u/s 271(1)(c) of the Act is not called for at this juncture. however, after the fresh decision of ld. CIT(A) on this issue as directed by the Co-ordinate Bench if the disallowance on depreciation on investment is sustained then the Revenue will be at liberty to again impose the penalty u/s 271(1)(c) of the Act on the addition sustained.
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