TMI Blog2023 (6) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO should necessarily nullify the demand following the order passed by NCLT and not on the basis of appellate orders passed under the Income tax Act. Assessee appeal allowed. - I.T.A. No. 124/Mum/2023 - - - Dated:- 16-2-2023 - Shri B.R. Baskaran (AM) AND Shri Pavan Kumar Gadale (JM) For the Assessee : Shri Ronak Doshi, CA Mr. Priyank Gala For the Department : Shri K.C. Selvamani ORDER Per B.R.Baskaran (AM) :- The assessee has filed this appeal challenging the order dated 23.11.2022 passed by Ld CIT(A)-53, Mumbai and it relates to the assessment year 2014-15. This appeal relates to the penalty levied u/s 271(1)(c) of the Act. 2. At the outset, the Ld A.R submitted that the assessee underwent insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reme Court in the case of Reliance Petroproducts Ltd (322 ITR 158)(SC), the Ld A.R submitted that the disallowance of claim made in the return of income on legal grounds will not result in furnishing of inaccurate particulars of income. Accordingly, he submitted that the AO was not justified in levying penalty u/s 271(1)(C) of the Act for furnishing inaccurate particulars of income on the disallowance of claim of amortization of premium payable on ZCB. Accordingly, he pleaded that the appeal of the assessee should be allowed. 4. The Ld D.R submitted that the Ld CIT(A) has already allowed the appeal filed by the assessee against the penalty order holding the same as infructuous. The Ld CIT(A) has allowed the appeal by observing that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee before him has become infructuous, there cannot be any grievance to the assessee which would warrant filing of present appeal before the Tribunal. 7. In view of the above discussions, we are of the view that the present appeal of the assessee does not require adjudication at all, as there cannot be any grievance to the assessee as the demand has already been extinguished, which fact has been accepted by the Ld CIT(A). The only apprehension of the assessee perhaps is that the AO may not nullify the demand, since the Ld CIT(A) has observed that he is dismissing the appeal as infructuous. In our view, this apprehension is unfounded, since the AO should necessarily nullify the demand following the order passed by NCLT and no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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