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Income Tax Appellate Tribunal, DELHI BENCH ‘E’ NEW DLEHI
Before: SHRI O.P. KANT & SHRI K. NARASIMHA CHARY
PER K. NARASIMHA CHARY, J.M. Aggrieved by the order dated 14/03/2018 passed by the Commissioner of Income Tax (Appeals)-20, New Delhi ("Ld. CIT(A)") for the assessment year 2010-11, MGCPL-VCBPL (Joint Venture)(“the assessee”), preferred this appeal, challenging the sustenance of penalty imposed u/s. 271(1)(c) of the Income-tax Act, 1961.
At the outset, learned AR submitted that by order dated 01.04.2019 in a co-ordinate Bench of this Tribunal allowed the quantum appeal of the assessee and directed the Assessing Officer to delete the addition, on account of which the impugned penalty in this appeal was levied. Learned DR does not dispute this fact.
Since the quantum appeal of the assessee has been allowed by Co- ordinate Bench of this Tribunal, deleting the addition, on the basis of which the impugned penalty has been imposed, the very basis of imposition of such penalty stands collapsed. Accordingly, the appeal of the assessee has to be allowed.
In the result, the appeal of the assessee is allowed.