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Income Tax Appellate Tribunal, DELHI BENCH “E”: NEW DELHI
Before: MS SUCHITRA KAMBLE & SHRI PRASHANT MAHARISHI
O R D E R PER PRASHANT MAHARISHI, A. M.
This appeal is filed by the revenue against the order of the ld CIT(A)- XXVI, New Delhi 16.03.2018 for Assessment Year 2010-11, wherein, the penalty levied u/s 271(1)(c) of the Act vide order dated 20.03.2017 by the ld Asstt. Commissioner of Income Tax, Central Circle-15, New Delhi was deleted.
Briefly stated the facts shows that a search and seizure action was carried out in the case of the Assessee on 17.09.2010. The assessment u/s 144 read with section 153C was completed on 28.03.2013 at the total income of Rs. 2,90,63,39,728/- which was later on rectified at an income of Rs. 1,82,29,24,640/- against the return of income was Rs. 1,52,44,063/-. The addition was made in the hands of the assessee being disallowance of various expenditure. The