TMI Blog2019 (4) TMI 1525X X X X Extracts X X X X X X X X Extracts X X X X ..... DELHI] . Therefore, the very basis for levy of penalty not surviving the levy of penalty also does not survive. Therefore, delete the levy of penalty on addition made u/s 68 read with section 115BBE of the Act and allow the appeal of assessee.- Appeal of assessee is allowed. - ITA No. 7224/Del/2018 - - - Dated:- 24-4-2019 - Shri N.S. Saini, Accountant Member For the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y assessing the income at ₹ 40,20,100/- in place of ₹ 21,00,600/- shown by the assessee. 3. Thereafter, the AO initiated penalty proceedings u/s 271(1)(c) of the Act. 4. On appeal, the Ld.CIT(A) observed that during the course of assessment the AO made addition on account of long term capital gains of ₹ 20,19,500/- by allowing benefit of ₹ 10 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd requires to be deleted. 6. The DR could not controvert the above submission of the AR of the assessee. I find that it is not in dispute that addition of ₹ 30,19,500/- made u/s 68 read with section 115BBE on account of sale of equity shares was deleted by the Tribunal vide its order dated 17.01.2019 passed in ITA No. 4199/Del/2018 in AY 2014- 15. Therefore, the very basis fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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