TMI Blog2020 (9) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... nalty on identical issue has been deleted by the Tribunal in the case of ICICI Limited [ 2017 (4) TMI 1509 - ITAT MUMBAI] . Respectfully following the same, we confirm the deletion of penalty. This ground stand dismissed. Disallowance of expenditure for increase in share capital - We find that penalty on identical issue has been deleted by the Tribunal in assessee s own case for AY 1993-94 wherein it was held that the issue was debatable one and the same would not constitute concealment of income or furnishing of inaccurate particulars of income by the assessee. Respectfully following the same, we confirm the stand of Ld. CIT(A) in deleting the penalty on this issue. Disallowance of claim u/s 35D - We find that the assessee claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting to ₹ 8,33,657/- on the disallowance of depreciation on leased assets. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty levied u/s.271(1)(c) amounting to ₹ 24,76,532/- on the disallowance of depreciation on sale and leaseback assets. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty levied u/s.271(1)(c) amounting to ₹ 6,298/- on the disallowance of deduction u/s.80M. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty levied u/s.271(1)(c) amounting to ₹ 92,66,500/- being premium on redemption of debentures. 5. On the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed u/s 143(3) on 29/03/2000 wherein the assessee was saddled with certain disallowances / additions. Consequently, penalty proceedings were initiated u/s 271(1)(c) and certain penalty was levied vide order dated 31/03/2006, inter-alia, on account of following disallowances / additions:- No. Particulars Amount of Addition (Rs.) 1. Claim of Depreciation 19,38,738/- 2. Sale Lease back Transaction 57,59,376/- 3. Deduction u/s 80M 14,646/- 4. Premium on redemption of debentures ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 22/10/2019 (para nos. 21 to 25). Since quantum additions has already been deleted, the penalty against the same would not survive. Hence, the impugned order would not require any interreference on our part. This ground stand dismissed. 5.3 Item No.3 is related with penalty on disallowance of deduction u/s 80M. We find that penalty on identical issue has been deleted by the Tribunal in the case of ICICI Limited vide ITA No.1112/Mum/2008, order dated 12/04/2017 (para-6). Respectfully following the same, we confirm the deletion of penalty. This ground stand dismissed. 5.4 We find that the addition against item no.4 (premium on redemption of debentures) has already been set aside and restored back to the file of Ld. AO for re- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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