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Income Tax Appellate Tribunal, DELHI BENCH ‘A’, NEW DELHI
Before: SH. N. K. BILLAIYA & SH. K.NARASIMHA CHARY
4649/Del/2018 the captioned two appeals are by the assessee preferred against the order of the CIT(A)-23, New Delhi dated 29.12.2017 pertaining to A.Y. 2009- 10 and 2010-11.
Since common grievance is involved in both these appeals they were heard together and are disposed of by this common order for the sake of convenience and brevity.
The common grievance in both these appeals relate to the levy of penalty u/s.271(1)(c) of the Act amounting to Rs.84,24,32,000/- in A.Y.2009-10 and Rs.23,96,46,000/- in A.Y.2010-11.
At the very outset, the counsel for the assessee pointed out that the quantum additions on the basis of which the impugned penalties have been levied in the captioned assessment years have been deleted by the Tribunal.
Per contra the DR fairly conceded to this.
We have carefully considered the orders of the authorities below and the decision of this Tribunal in and 1491/Del/2018 for A.Y.2009-10 and 1601/Del/2018 and 1492/Del/2018 for A.Y.2010-11.
We find force in the contention of the counsel the coordinate Bench in its judgment (supra) has deleted the quantum additions.
The relevant findings of the Tribunal read as under :-
Since the foundation has been removed the superstructure must fall. The AO is directed to delete the penalty so levied in both the assessment years under consideration.
In the result, both the appeals filed by the assessee are allowed.
Decision announced in the open court in the presence of both the representatives on 28.07.2021.