TMI Blog2019 (11) TMI 1292X X X X Extracts X X X X X X X X Extracts X X X X ..... AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER Assessee By: Smt. Soumya Krishnamurthy, Advocate. Revenue By: Shri Ujjwal Kumar, JCIT (D.R) ORDER PER SHRI PAVAN KUMAR GADALE, JM : The assessee has filed an appeal against the order of Commissioner of Income Tax (Appeals)-5, Bangalore passed under Section 271(1)(c) and 250 of the Income Tax Act, 1961. 2. The assessee has raised the grounds of appeal challenging the levy of penalty under Section 271(1)(c) of the Act. 3. The Brief facts of the case are that the assessee is engaged in the business of real estate and has entered into a Joint Development Agreement along w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o not indicate whether penalty is levied for concealment of income or furnishing of inaccurate particulars. Further the ld. AR submitted that the assessee has filed an appeal against the order under Section 143(3) r.w.s. 147 of the Act for the said assessment year and on further appeal, the Tribunal has set aside the issues, in dispute to the file of Assessing Officer and placed copy on record and prayed for allowing the appeal. Contra, the learned Departmental Representative supported the orders of CIT(Appeals). 5. We heard the rival contentions and perused the material on record. Prima facie, the sole disputed issue as envisaged by the ld. AR is in respect of levy of penalty under Section 271(1)(c) of the Act. The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd to the assessee. 5. In the result, the appeal filed by the assessee is allowed for statistical purposes. 6. We found the submissions of the learned Authorised Representative are supported with the order of the Co-ordinate Bench of Tribunal which has been accepted by the revenue. Since the co-ordinate Bench of Tribunal in the quantum appeal has restored disputed issue to the file of Assessing Officer for verification and examination, we are of the opinion that penalty levied on the basis of assessment under Section 143(3) r.w.s. 147 of the Act cannot be sustained. Accordingly we set aside the order of CIT(Appeals) and direct the Assessing Officer to delete the penalty and allow the grounds of appeal of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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