TMI Blog2019 (5) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee s quantum appeal in the order referred to above has allowed assessee s claim of deduction under section 54 - the very foundation on which the penalty under section 271(1)(c) of the Act was imposed no longer exists. That being the case, the penalty imposed under section 271(1)(c) of the Act cannot also survive. Accordingly, we delete the penalty imposed under section 271(1)(c) of the Act fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the impugned assessment year, the Assessing Officer disallowance assessee s claim of deduction under section 54 of the Act. On the basis of such disallowance, the Assessing Officer initiated proceedings under section 271(1)(c) of the Act and ultimately passed an order under the said provision imposing penalty of ₹ 7,33,445, alleging furnishing of inaccurate particulars of income. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act was imposed has been deleted by the Tribunal. 6. We have considered rival submissions and perused material on record. It is evident, the basis for imposition of penalty under section 271(1)(c) of the Act is the disallowance of assessee s claim of deduction under section 54 of the Act. However, as could be seen, the Tribunal while deciding assessee s quantum appeal in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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