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2018 (1) TMI 982 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance u/s 80IA in respect of power plant and disallowance of interest in relation to investment made with the subsidiary companies - Held that:- Coordinate Bench in the quantum proceedings [2016 (10) TMI 1115 - ITAT JAIPUR] for the matter in relation to both the additions namely claim u/s 80IA in respect of power plant and disallowance of interest in relation to investment made with the subsidiary companies which is the subject matter of penalty order and form the basis for levy of penalty u/s 271(1)(c) by the AO has been set aside to the file of the Assessing Officer to examine the matter of afresh. Where the very basis for levy of penalty has been set-aside to the file of the AO, it is not necessary for us to go into the merits of the case and the penalty order passed u/s 271(1)(c) deserves to be set-aside. In the result, the ground taken by the Revenue is dismissed.
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