9911796707
TMI Blog2022 (11) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... PER KUL BHARAT , JM : This appeal, by the Revenue, is directed against the order of the learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 03.11.2021, pertaining to the assessment year 2008-09. The Revenue has raised following grounds of appeal: "1. Whether the Ld. CIT(A) is correct in law in deleting the penalty imposed u/s 271(1)(c) of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned CIT(Appeals0 in paras 8,9 & 10 of the order has deleted the penalty by observing as under: 8. I have carefully considered the submissions made by the assessee and perused the order of Hon'ble ITAT, dated 09.12.2020 (supra). It is observed that the Hon'ble ITAT has allowed the appeal filed by the assessee wherein the addition of Rs. 13,28,38,502/- made by the AO toward amount lying in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rposes it is taken as outstanding on 31st March, 2008 and a sum of Rs. 13.28 crores was realized in the next assessment year and has been accounted for as income. This fact was no where denied by the Revenue. Thus, the CIT(A) has totally Ignored this aspect and simply on the basis of change of accounting policy which is also changed according to the CAG report which is mandatory for the Assessee B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the royalty expenses of Rs. 43.25 crores have been crystallized in the relevant Assessment Year, these are not the contingent liability when the genuineness of the same is not questioned by the Revenue authorities. Hence, there is no need to interfere the findings of the CIT(A). The appeal filed by the Revenue being ITA No. 3567/Del/2014 is dismissed. 12. In result, appeal of the assessee is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed on account of deletion of addition made in the quantum proceedings by the Hon'ble ITAT. 10.0 In the result, the appeal filed against penalty order u/s 271(1)(c) of the Act for AY 2008-09 is allowed." 5. The Revenue has not rebutted the finding of the learned CIT(Appeals) that quantum addition on the basis of which penalty proceedings were initiated, has been deleted. Therefore, we do not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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