Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, DELHI BENCH “F” DELHI
Before: SHRI CHANDRA MOHAN GARG & SHRI PRADIP KUMAR KEDIA, AC COUNTANT MEMBER
PER PRADIP KUMAR KEDIA, A.M.: The captioned appeal has been filed by the Revenue against the order of the Commission of Income Tax (Appeals)-VII, New Delhi [‘CIT(A)’ in short] dated 03.04.2019 arising from the assessment order dated 17.03.2016 passed by the Assessing Officer (AO) under Section 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2013-14.
2. As per its grounds of appeal, the Revenue has challenged the imposition of penalty of Rs. 7,41,71,078/- imposed by the Assessing Officer u/s. 271(1)(c) of the Act.
3. When the matter was called for hearing in the captioned Revenue’s appeal, the ld. counsel for the assessee at the outset submitted that the quantum addition stands deleted by the Co-ordinate Bench of the Tribunal in order dated 28.08.2019 and thus the basis for imposing penalty has faded into oblivion and has ceased to exist.
4. Having regard to the assertion made on behalf of the assessee and in the light of the order of the Co-ordinate Bench in quantum proceedings the edifice for imposing penalty has clearly ceased to exist. Hence, the penalty imposed in question does not survive any more. Accordingly, the penalty imposed in question stands deleted.
In the result, the appeal of the Revenue is dismissed. Order pronounced in the open Court on 31.08.2022.
Sd/- Sd/- . [CHANDRA MOHAN GARG] [PRADIP KUMAR KEDIA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 31.08.2022”
The appellate order in thus stands substituted and merged with rectified order as per paragraph hereinabove.