TMI Blog2023 (9) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by the Ld. CIT(A) cannot stand by itself and the same is liable to be cancelled. Appeal of the assessee is allowed. - Shri Ravish Sood, JM And Shri Arun Khodpia, AM For the Assessee : Shri G.S. Agrawal Shubham Agarwal, CAs For the Revenue : Shri Satya Prakash Sharma, Sr. DR ORDER PER ARUN KHODPIA, AM : The captioned appeal is filed by the assessee against the order passed by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 26.10.2022 u/s 250 of the Income Tax Act, 1961 for AY 2015-16, instituted against the penalty order by Ld. Assessing Officer u/s 271(1)(c) dated 28.06.2018. The grounds of the appeal raised by the assessee are as under: 1. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Large deduction claimed u/s. 57 and large claim of depreciation for trust . The Ld. AO completed the assessment u/s 143(3) of the act by making an addition of Rs. 11,47,592/- by denying exemption u/s. 10(23C) (iii ad) of the Act claimed by the appellant as per the return of income. Accordingly, the AO levied penalty u/s 271(1)(c) on the addition of Rs. 11,47,592/- considering the concealment of income by the assessee. 4. Aggrieved by the order of Assessing Officer, the assessee preferred an appeal before the Ld. CIT(A), NFAC. However, the contentions of the assessee were dismissed by the Ld. CIT(A). Now, the assessee is in appeal before us challenging the decision of Ld. CIT(A). 5. At the outset, the Ld. AR for the assessee submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he A.O with a direction to frame a fresh assessment. 14. In the result, the appeal of the assessee in ITA No. 262/RPR/2022 for A.Y.2015-16 is allowed for statistical purposes in terms of my aforesaid observations. On perusal of the aforesaid observations of the Co-ordinate Bench of this Tribunal, it was the submission of the Ld. AR that since the issues pertaining to quantum appeal of the assessee for AY 2015-16 in ITA No.262/RPR/2022 was restored back to the file of Assessing Officer to frame a fresh assessment in terms of observations of the ITAT, consequently, penalty order passed and penalty imposed based on such assessment order which is set aside by the Tribunal cannot sustain. To support this contention, the Ld. AR of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. CIT(A). 7. We have heard the rival contention, perused the materials available on record, orders of the authorities below and also the judicial pronouncements placed before us for our consideration to decide the issues. Admittedly, in the present case, since the quantum appeal of the assessee in ITA No.262/RPR/2022 dated 17/03/2023 was set aside by the ITAT, Raipur, therefore, respectfully following the ratio of law laid down by the Hon ble Apex Court in the case of K.C. Builders vs. ACIT (supra), we are of the considered opinion that the penalty order passed by the Ld. Assessing Officer u/s 271(1)(c) and sustained by the Ld. CIT(A) cannot stand by itself and the same is liable to be cancelled. We, therefore, set aside both the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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