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Income Tax Appellate Tribunal, DELHI ‘F’ BENCH,
Before: SHRI N.K. BILLAIYA, & MS. MADHUMITA ROY
PER N.K. BILLAIYA, ACCOUNTANT MEMBER,
This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals]-24, New Delhi dated 31.01.2018 pertaining to Assessment Year 2012-13.
The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in confirming the penalty levied by the Assessing Officer u/s 271AAA of the Income tax Act, 1961 [hereinafter referred to as 'The Act' for short] amounting to Rs. 32,86,690/-.
The roots for levy of penalty lie in the assessment order framed u/s 143(3) of the Act wherein the addition of Rs. 52.65 lakhs was made. The quarrel relating to the quantum addition travelled upto the Tribunal and the Tribunal in order dated 24.10.2018 has deleted the additions made in the assessment order.
The relevant findings of the co-ordinate bench read as under:
.6. After considering the submissions of both the parties, we are of the view that issue is covered in favour of the assessee by order of the ITAT Delhi Bench dated 04.06.2018(supra) passed in the case of co-owners of the property Shri Shailender Kumar Gautam and Shri Vishvajit Gautam, whereby the Tribunal deleted the similar addition. The appeals of the assessees have been allowed and departmental appeal has been dismissed. Following the reasons for decision ITA.No.5806/Del./2015 of the order dated 04.06.2018, we set aside the orders of the authorities below and delete the entire addition.”
Since the foundation has been removed, the super structure must fall. The Assessing Officer is directed to delete the impugned penalty.
In the result, the appeal filed by the assessee in is allowed.
The order is pronounced in the open court on 10.08.2021 in the presence of both the rival representatives.