M/S NARAYAN DAS SARRAF & SONS,,VARANASI vs. D/ACIT, RANGE - 01,, VARANASI

The assessee has filed this appeal challenging the order dated 12.07.2021 passed by Ld CIT(A), NFAC, Delhi, and it relates to the assessment year 2012-13.

The issue urged in this appeal related to penalty levied u/s 271(1)(c) of the Act. This appeal was heard earlier by the coordinate Bench. Since Members differed in their view, the Hon’ble President nominated a Third Member. The Hon’ble Third Member has since passed an order and he has concurred with the view taken by the Hon’ble Judicial Member, in deleting the penalty, levied u/s 271(1)(c) of the Act.

In view of the majority opinion, the penalty levied by the AO u/s 271(1)(c) of the Act is liable to be deleted. We order accordingly.

In the result, the appeal filed by the assessee stands allowed.