TMI Blog2019 (2) TMI 994X X X X Extracts X X X X X X X X Extracts X X X X ..... evied by the Assessing Officer and sustained by the CIT(A) is liable to be cancelled. We accordingly direct the Assessing Officer to cancel the penalty so levied u/s 271 (1) (c) of the IT Act. However, the Assessing Officer is at liberty to initiate fresh penalty proceedings after the order is passed by him in the light of the direction of the Tribunal. - ITA No.2251/Del/2016 - - - Dated:- 15-2-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,109/-. In appeal the Ld. CIT (A) confirmed the various additions made by the Assessing officer. Subsequently the assessing officer initiated the penalty proceedings u/s 271 (1) (c) of the IT Act and levied penalty of ₹ 6 lacs u/s 271 (1) (c) of the IT Act. Referring to the copy of the order of the Tribunal dated 17.08.2017, the Ld. counsel for the assessee submitted that the Tribunal in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and perused the orders of the authorities below. It is an admitted fact that the Tribunal vide order dated 17.08.2017 has restored the quantum appeal to the file of the Assessing Officer for fresh adjudication. Therefore, the very basis on which penalty was levied does not survive. Therefore, penalty levied by the Assessing Officer and sustained by the CIT(A) is liable to be cancelled. We accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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