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Income Tax Appellate Tribunal, DELHI “B” BENCH: NEW DELHI
Before: SHRI R. K. PANDA & SHRI C. N. PRASAD
ORDER PER C. N. PRASAD, JM : This appeal is filed by the assessee challenging the order of the Ld.CIT(A) in sustaining the penalty levied u/s 271AAA.
The Ld. Counsel for the assessee referring to Page No. 41 to 44 of the paper book submits that the quantum appeal has been set aside by the Tribunal in of 2015 dated 17th August, 2017. The Ld. Counsel submits that this appeal is filed against levy of penalty u/s 271AAA of the Act may also be restored to the file of the Assessing Officer.
Ld. DR has no objection.
Heard rival submissions and perused the order of the Tribunal. The Tribunal in quantum appeal restored the addition made u/s 68 of the Act in the assessment proceedings to the file of the Assessing Officer for examination of the creditworthiness of the lenders afresh. Therefore, since the Tribunal restored the quantum addition to the file of the Assessing Officer, the penalty levied u/s 271AAA on the basis of the addition made u/s 68 in the assessment order will not survive at this stage. Thus we restore the penalty order to the file of the Assessing Officer who shall consider along with quantum proceedings.
In result, the appeal of the assessee is allowed for statistical purpose.
Above decision was pronounced on conclusion of Virtual Hearing in the presence of both the parties on 20th December, 2021.