Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 977 - AT - Income TaxPenalty u/s 271(1)(c) - addition of residuary balance of peak credit in foreign bank account with HSBC, Geneva - HELD THAT:- Once the addition in dispute has been set aside and restored to the file of the Assessing Officer to be decided afresh, the penalty levied in respect of the addition cannot be survived and it would be at the discretion of the Assessing Officer to re-initiate the penalty proceedings as per law. Accordingly, penalty levied in the case of the assessee is deleted. The grounds of the appeal of the assessee are accordingly allowed.
|