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Income Tax Appellate Tribunal, DELHI BENCH “F” DELHI
Before: SHRI CHANDRA MOHAN GARG & SHRI PRADIP KUMAR KEDIA
The captioned appeal has been filed by the Assessee against the order of the Commissioner of Income Tax (Appeals)-XXVIII, New Delhi [‘CIT(A)’ in short] dated 30.04.2019 arising from the penalty order dated 26.03.2018 passed under Section 271(1)(c) of the Income Tax Act, 1961 (the Act) concerning AY 2008-09.
At the outset, ld. counsel for the assessee submitted that the penalty imposed under challenge arises from the assessment framed by the Assessing Officer under Section 143(3). The additions/disallowances resulting in imposition of penalty has since been settled under Vivad Se Vishwas Scheme 2020 for which form no.5 issued under the Scheme was adverted.
In the light of such facts where the additions/disallowances in the quantum proceedings stands settled under Vivad Se Vishwas Scheme 2020, the penalty imposed does not survive in term of Scheme. Consequently, the penalty imposed is cancelled.
In the result, the appeal of the assessee is allowed. Order pronounced in the open Court on 24/08/2022.