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Income Tax Appellate Tribunal, DELHI BENCH ‘B’ : NEW DELHI
ASSESSEE BY : Shri V.K. Garg, Advocate REVENUE BY : Ms. Sapna Bhatia, CIT DR Date of Hearing : 31.08.2022 Date of Order : 31.08.2022
ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : This appeal by the assessee is directed against the order of the ld.
CIT (Appeals)-30, New Delhi dated 12.03.2018 for the Assessment Year 2008-09.
The issue raised is that ld. CIT (A) erred in confirming the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961 (for short ‘the Act’) on account of amount of addition on account of accrual/interest on deposit in alleged foreign bank account, HSBC Geneva. deleted by the ld. CIT (A) vide order dated 02.06.2022. Hence, he submitted that the penalty levied with reference to addition which has been deleted is liable to be deleted.
Per contra, ld. DR for the Revenue did not dispute the proposition that the addition of interest with reference to what penalty has been levied has already been deleted.
Hence, upon careful consideration on a proposition that the addition by reference to which the penalty has been levied has already been deleted, the penalty confirming order of ld. CIT (A) is liable to be set aside. Accordingly, we set aside the order of ld. CIT (A) and direct that the penalty be deleted.
In the result, the assessee’s appeal is allowed. Order pronounced in the open court on this 31st day of August, 2022 after the conclusion of hearing.