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2015 (10) TMI 1473 - ITAT DELHI

2015 (10) TMI 1473 - ITAT DELHI - TMI - Penalty u/s. 271(1)(c) - addition u/s. 2(24) - CIT(A) deleted the penalty levy - Held that:- Addition directed to be made u/s. 2(24) by the Ld. CIT(A) was deleted. We also find that as the quantum addition has been deleted, the penalty relating thereto does not survive and was rightly deleted, which does not need any interference on our part, hence, we uphold the decision of the Ld. CIT(A) on this issue.

Addition on account of scrap sales - Held .....

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R) For The Assessee : S h. Ajay Wadhwa, CA, Ms. Aruna, CA ORDER PER H.S. SIDHU, JM Revenue has filed this appeal against the Order dated 3.6.2013 passed by the Ld. Commissioner of Income Tax (Appeals)-I), New Delhi pertaining to assessment year 2007-08. 2. The grounds raised by the Department read as under:- 1. The order of the Ld. CIT(A) is not correct in law and facts. 2. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in law in deleting the penalty u/s. 271(1)(c) a .....

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/ disallowances were sustained by the Ld. CIT(A) in his order dated 11.5.2010. He directed that instead of addition of ₹ 51,28,50,000/- u/s. 69C, an addition of ₹ 4,96,68,535/- be made u/s. 2(24). He further upheld the addition on account of scrap sales amounting to ₹ 25 crores to the extent of ₹ 1,02,47,738/-. The AO initiated penalty proceedings u/s. 271 r.w.s. 274 of the Income Tax Act, 1961 during the assessment proceedings u/s. 143(3), and finally imposed a penalty .....

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Revenue in the grounds of appeal. 7. On the contrary, Ld. Counsel of the assessee relied upon the order passed by the Ld. First Appellate Authority and stated that in this case since the quantum deleted/ set aside by the ITAT and therefore, penalty does not survive. He further submitted that Ld. CIT(A) has correctly appreciated the legal position by deleting the penalty following the order of the ITAT dated 17.5.2012 on quantum additions. He further stated that the Department has filed a frivol .....

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er of the Ld. CIT(A) may be upheld by dismissing the appeal filed by the Revenue. 8. We have heard both the parties and perused the relevant records available with us, especially the orders passed by the Revenue Authority. We are of the considered that the Ld. CIT(A) has deleted the penalty in dispute by thoroughly examining the assessment order, penalty order, submission filed by the assessee and the order of the ITAT, Delhi dated 17.5.2012 in ITA No. 3148/Del/2010 filed by the assessee and cro .....

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