TMI Blog2017 (6) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... n CIT vs S.P. Viz (1988 (10) TMI 24 - PATNA High Court). Even otherwise, when the quantum addition is deleted, there remains no basis at all for levying the penalty for concealment or furnishing inaccurate particulars. The penalty cannot stand on its legs when addition on the basis of which the penalty was imposed remains no more in existence, thus, the appeal of the assessee is allowed and the ld. Assessing Officer is directed to delete the penalty. - Decided in favour of assessee. - ITA NOs.2181 to 2183/Mum/2016 - - - Dated:- 11-4-2017 - Shri Joginder Singh, Judicial Member, And Shri Rajendra, Accountant Member For The Assessee : Shri Girish Dave For the Revenue : Shri Rajesh Kumar Yadav-DR ORDER Per Joginder Singh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g notice issued under section 153C of the Act as valid and consequential erred in law in holding the assessment made under section 153C of the Act as valid. Without prejudice to the above, 2. The Ld CIT (A) has erred in law and on the facts and in the circumstances of the case, in upholding the order of the AO making addition of ₹ 1 lakh by treating the gift received as income of the appellant ignoring all the details submitted to him relating to the gift including the order passed in regular assessment by the predecessor AO. 3. The Ld CIT (A) has erred in not granting rebate of ₹ 506 u/s 88 for the life insurance premium of ₹ 2,530/- paid on the life of the assessee. 8. In all these AYs, the additions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion was eventually made on this account as they are all found to be accounted transactions. Therefore, for all the four years under consideration, the transactions appeared on the papers seized, allegedly connected to the assessee, are found to be either accounted or not found worthy for making any additions. In such case, the unabated assessments could not have been re-opened. He relied on various in support of the same including the decision of Tribunal in the case of Shri Vimal Kumar Rathi vs. DCIT in ITA Nos. I.T.A. No.3094/M/2013 and others, dated 16.10.2015, wherein one of us (AM) is a party to the said order and demonstrated that as and when the assessments involved are nonabated assessment (either regular assessments are completed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f survey action is unsustainable as the issue of notice u/s 153C is based on the conditions specified in the said provisions of section 153C and not on the outcome of the survey action. In this regard, Ld DR filed written submissions referring to the facts concerning the event of survey action on the assessee. 11. We have heard both the parties and perused the orders of the Revenue Authorities as well as the cited decision of the Tribunal in the case of Shri Govind Agarwal v. ACIT being ITA No: 3389/ M um / 2011 dated 10.01.2014 (supra); All Cargo Global Logistics v . Addl . CIT (supra); SKS Ispat and Power Limited vs. DCIT CC 45 (ITA 8746/M/12 and ITA 8747/M/12) (supra) as well as the judgment of the Hon ble Bombay High Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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