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2021 (7) TMI 1082 - AT - Income TaxPenalty u/s 271(1)(c) - additions on account of notional interest earned from the Foreign Bank Account i.e., HSBC, Geneva - HELD THAT:-CIT(A) deleted the penalty levied by the A.O. u/s 271(1)(c) of the I.T. Act on the ground that the addition with regard to notional interest has been deleted and, therefore, the penalty does not survive. We do not find any infirmity in the Order of the Ld. CIT(A) in deleting the penalty levied by the A.O. on account of notional interest earned from HSBC, Geneva for all these years under consideration. Admittedly, in the quantum proceedings, the Tribunal has already decided the issue in favour of the assessee and the appeal filed by the Revenue has been dismissed [2019 (7) TMI 596 - ITAT DELHI] Since the Tribunal has already upheld the Order of the Ld. CIT(A) in deleting the quantum addition and the Hon’ble Delhi High Court [2021 (2) TMI 1182 - DELHI HIGH COURT] has already dismissed the appeal filed by the Revenue, therefore, the very basis on which the penalty was levied by the A.O. does not survive. Accordingly, the order of the Ld. CIT(A) for all the five assessment years under appeal deleting the penalty on account of addition of notional interest is upheld. Accordingly, the grounds raised by the Revenue in all the five assessment years under appeal are dismissed.
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