TMI Blog2015 (10) TMI 2708X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee’s quantum appeal [2014 (6) TMI 1006 - ITAT MUMBAI], the very basis for imposition of penalty no more survives. Therefore, we have no hesitation in deleting the penalty imposed under section 271(1)(c) of the Act. - Decided in favour of assessee. - ITA no.2367/Mum./2014 - - - Dated:- 9-10-2015 - SHRI RAJENDRA, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER Assessee by : S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 10(35) of the Act of income earned from mutual funds amounting to ₹ 34,09,10,346. He also found that the assessee has made investment in tax FREE bond from which income of ₹ 1,08,67,131, was generated during the relevant previous year which has been claimed exempt under section 10(15) of the Act. He further noticed that the assessee himself disallowed expenditure of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid additions, the Assessing Officer also added an amount of ₹ 17,18,960, towards VAT refund accrued. On the basis of aforesaid additions, the Assessing Officer initiated proceedings for imposition of penalty under section 271(1)(c) of the Act. 3. During the penalty proceedings, the Assessing Officer noticed that the additions made by the Assessing Officer towards disallowance made unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax liability has been deleted by the Tribunal while deciding the quantum of appeal of the assessee for the impugned assessment year. In support of such contention, the learned Counsel for the assessee has placed before us a copy of order dated 30th June 2014, passed by the Tribunal in ITA no.1893/Mum./20011. The learned Departmental Representative has not disputed the aforesaid factual position. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
