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2024 (2) TMI 219 - ITAT RAIPURLevy of penalty u/s 271(1)(c) - rejecting the claim of the assessee u/s 54B - HELD THAT:- As decision of the ITAT in the assessee's own case for the relevant A.Y. [2018 (10) TMI 2018 - ITAT RAIPUR] regarding quantum of addition by rejecting the claim of the assessee u/s 54B, which was deleted by the ITAT in the said order. As discernible from the orders of the authorities below, the penalty u/s 271(1)(c) was imposed on the assessee keeping in mind the orders of AO and confirmation of the disallowance by the Ld. CIT(A). However, it is an admitted fact that, as per the decision of ITAT on the same issue, the addition of quantum, which was the basis for imposing the penalty, has been vacated by setting aside the orders of Ld. CIT(A). Under such facts and circumstances where the quantum addition itself has been deleted, the penalty imposed on the basis of such quantum addition cannot survive. Accordingly, we direct to delete the penalty-initiated u/s 271(1)(c) in the present case. Appeal of assessee allowed.
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