2016 (5) TMI 1615

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..... T:- In view of the aforesaid facts that in the quantum proceedings the Tribunal vide order [ 2014 (1) TMI 709 - ITAT MUMBAI ] has deleted the disallowance made by the AO u/s 14A over and above what was suo moto disallowed by the assessee in its return of income, the penalty levied on such disallowance have no legs to stand. CIT(A) has deleted the penalty after following Tribunal order in the .....

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..... w of the aforesaid facts that in the quantum proceedings the Tribunal vide order dated 20.01.2014 in ITA No.397 and 437/Mum/2012 has deleted the disallowance made by the AO under section 14A over and above what was suo moto disallowed by the assessee in its return of income, the penalty levied on such disallowance have no legs to stand. Even Ld. CIT(A) has deleted the penalty after following Tribu .....

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