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2015 (6) TMI 532 - ALLAHABAD HIGH COURT

2015 (6) TMI 532 - ALLAHABAD HIGH COURT - TMI - Penalty u/s 271 (1)(c) - quantum of addition of ₹ 3,55,85,515/- assessed u/s 115-A - Held that:- When the addition was deleted in quantum appeal, then there is no justification for levy of the penalty. - Decided in favour of assessee. - Income Tax Appeal No. 354 of 2013 - Dated:- 20-4-2015 - Arun Tandon And Dr. Satish Chandra, JJ. For the Appellant : Dhananjay Awasthi,Bharat Ji Agarwal, Csc For the Respondent : Nishant Mishra ORDER The presen .....

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ground that quantum has already been deleted and that thee return was filed on NIL income when there is no such exception carved out by the legislator in the language of Section 271 (1)(c). (2)Whether on the facts and circumstances of the case the ITAT was justified in law in concluding that since the quantum has already been deleted , hence, there is no question of penalty absolutely ignoring that the order of deletion of quantum has been admitted has been admitted by the jurisdiction High Cou .....

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ed u/s 115-A, without appreciating the fact that the quantum addition was confirmed by the ITAT and there was no two views of taxing the income was assessed U/s 115-A." The brief facts of the case are that assessee is a company incorporated in Itlay, was awarded a turn key contract by Indian Oil Corporation Ltd. (IOCL) in November 1999 for design, construction and commissioning of a hydro treater and hydrogen facility at IOCL's Gowhati refinery. Under the terms of the contract, Technip .....

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