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2015 (5) TMI 400 - ITAT DELHI

2015 (5) TMI 400 - ITAT DELHI - TMI - Penalty u/s 271(1)(c) - Tribunal has deleted first enhancement made by the ld. CIT(A) and restored the issues in respect of remaining three enhancements to the AO for a fresh consideration - Held that:- there can be no question of sustaining any penalty, at this stage, on the enhancements so made. There can be no penalty on the amount of enhancement deleted by the tribunal. On the enhancements restored to the AO, the question of penalty can be examined only .....

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15 - R. S. Syal, AM And C. M. Garg, JM,JJ. For the Petitioner : Shri Gautam Chopra, Adv. For the Respondent : Shri Ramesh Chandra, CIT DR ORDER Per: R S Syal, AM. This appeal by the assessee is directed against the order passed by the CIT(A) on 12.2.2013 directly imposing penalty u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2007-08. 2. We have heard the rival submissions and perused the relevant material on record. Brief .....

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(c) of the Act vide his order dated 12.2.2013 in respect of total enhancements made by him to the tune of ₹ 3168.20 lac. Such amount of penalty was determined at ₹ 10,76,87,140/-, being 100% of the amount of tax sought to be evaded. The assessee preferred appeal before the Tribunal against the order passed by the ld. CIT(A) in quantum proceedings. The first enhancement of ₹ 3,044.06 lac came to be deleted by the tribunal vide its order dated 25.7.2014 in ITA No.5239/Del/2012, a .....

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