TMI Blog2021 (7) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee and the appeal filed by the Revenue has been dismissed [ 2019 (7) TMI 596 - ITAT DELHI ] Since the Tribunal has already upheld the Order of the Ld. CIT(A) in deleting the quantum addition and the Hon ble Delhi High Court [ 2021 (2) TMI 1182 - DELHI HIGH COURT] has already dismissed the appeal filed by the Revenue, therefore, the very basis on which the penalty was levied by the A.O. does not survive. Accordingly, the order of the Ld. CIT(A) for all the five assessment years under appeal deleting the penalty on account of addition of notional interest is upheld. Accordingly, the grounds raised by the Revenue in all the five assessment years under appeal are dismissed. - ITA.Nos.5911, 5912, 5913, 5914 & 5915/Del./2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts in deleting the penalty of ₹ 7,47,795/- on the concealed income of ₹ 22,00,045/- which was imposed by the AO on account of undisclosed interest income in HSBC Geneva. 2. That on the facts and in the circumstances of the case the CIT(A) has erred in law and on facts in deleting the penalty, disregarding the facts that the assessee has deliberately concealed his income of ₹ 22,00,045/- in HSBC, Geneva. 3. That the grounds of appeals are without prejudice to each other. 4. That the appellant craves leave to add, amend, alter or forgo any ground(s) of appeal either before or at the time of hearing of the appeal ITA.No.5913/Del./2017 A.Y. 2010-2011 [Revenue] : 1. That on the facts and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f hearing of the appeal ITA.No.5915/Del./2017 A.Y. 2012-2013 [Revenue] : 1. That on the facts and in the circumstances of the case the CIT(A) has erred in law and on facts in deleting the penalty of ₹ 9,04,898/- on the concealed income of ₹ 29,28,474/- which was imposed by the AO on account of undisclosed interest income in HSBC Geneva. 2. That on the facts and in the circumstances of the case the CIT(A) has erred in law and on facts in deleting the penalty, disregarding the facts that the assessee has deliberately concealed his income of ₹ 29,28,474/- in HSBC, Geneva. 3. That the grounds of appeals are without prejudice to each other. 4. That the appellant craves leave to add, amend, alter or fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by both the sides and perused the record. We find in all these appeals the A.O. has levied the penalty under section 271(1)(c) of the I.T. Act, 1961 in respect of additions made by him on account of notional interest earned from the Foreign Bank Account i.e., HSBC, Geneva. We find the Ld. CIT(A) deleted the penalty levied by the A.O. under section 271(1)(c) of the I.T. Act on the ground that the addition with regard to notional interest has been deleted and, therefore, the penalty does not survive. We do not find any infirmity in the Order of the Ld. CIT(A) in deleting the penalty levied by the A.O. on account of notional interest earned from HSBC, Geneva for all these years under consideration. Admittedly, in the quantum proceedings, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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