TMI Blog2023 (8) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... dly in quantum proceedings the addition, which was the basis for imposing impugned penalty u/s 271(1)(c) of the Act, has since been deleted by the Coordinate Bench of this Tribunal vide its order [ 2023 (6) TMI 668 - ITAT DELHI] . Therefore, since the very basis for levy of penalty has gone, the impugned penalty levied u/s 271(1)(c) of the Act cannot survive and stands deleted accordingly - Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 1,01,18,224/- (@ 100%) under section 271(1)(c) of the Income-tax Act, 1961. 2. At the outset learned counsel for the assessee challenging the impugned penalty order submitted that in quantum proceedings the Coordinate Bench of this Tribunal in ITA no. 7489/Del/2018 vide order dated 13.06.2023 has deleted the impugned addition, hence no penalty would survive. 3. The learned DR, on the ot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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