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Income Tax Appellate Tribunal, DELHI BENCH ‘B’ NEW DLEHI
Before: SHRI PRADIP KUMAR KEDIA & SHRI N.K. CHOUDHRY
This appeal has been preferred by the assessee against the order dated 20.06.2019, impugned herein, passed by the learned Commissioner of Income-tax (Appeals)-12, New Delhi (in short “Ld.
Commissioner”), whereby the ld. Commissioner affirmed the levy of penalty by the Assessing Officer u/s.271(1)(c) of the Income-tax Act, 1961 (in short ‘the Act’) for the assessment year 2006-07.
The assessee, at the outset, submitted and drew our attention to the order passed by Hon’ble Coordinate Bench of Tribunal in assesssee’s quantum appeal, i.e., for the year under consideration, decided on 30.07.2021, whereby the [2] Hon’ble Bench quashed the assessment order dated 21.03.2014, on the basis of which penalty proceedings have been initiated and penalty was imposed, which has been subsequently affirmed by the ld. Commissioner vide impugned order under challenge before us.
The ld. AR, therefore, submitted that in view of the aforesaid facts, the impugned penalty does not survive. Ld. DR did not refute the claim of the assessee.
Considering the undisputed fact, as narrated above, we find that once the quantum appeal of the assessee for the year under consideration stands allowed by the Hon’ble Coordinate Bench of Tribunal vide order dated 30.07.2021(supra), by quashing the assessment order, the very basis of imposing the impugned penalty stands collapsed and the penalty imposed does not survive.
Accordingly, the penalty imposed by the Assessing Officer and affirmed by the ld. Commissioner stands deleted.
In the result, the appeal filed by the assessee sands allowed.
Order pronounced in the open court on 29/06/2022