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Income Tax Appellate Tribunal, DELHI BENCH “F” DELHI
Before: SHRI PRADIP KUMAR KEDIA & SHRI NARENDER KUMAR CHOUDHRY
PER PRADIP KUMAR KEDIA, A.M.: The captioned appeal has been filed by the assessee against the order of the ld. CIT(A)-XVII, Delhi dated 26.12.2013 arising from the order passed by the Assessing Officer u/s. 271(1)(c) of the Income Tax Act dated 04.11.2011 concerning Assessment Year 2004-05.
As per the grounds of appeal, the assessee has challenged the imposition of penalty of Rs.6,95,014/- levied by the Assessing Officer u/s. 271(1)(c) of the Act.
3. In the light of the decision of Co-ordinate Bench in order dated 02.06.2022 where the quantum addition stands deleted by the Co-ordinate Bench, the basis for imposing penalty has faded into oblivion and has ceased to exist.
4. 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 assessee is allowed. Order pronounced in the open Court on 03 June, 2022.