FARGO SALES PVT LTD.,MUMBAI vs. ASST CIT 9 (1), MUMBAI

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ITA 7686/MUM/2019Status: DisposedITAT Mumbai05 August 2021AY 2004-052 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that since the quantum additions on which the penalty was levied have been fully deleted, the consequential penalty would not survive. Therefore, the penalty is not sustainable.

What were the facts?

The assessee appealed against a penalty levied under Section 271(1)(c) for Rs. 10.74 Lacs. The penalty was based on quantum additions of Rs. 29.95 Lacs, which were subsequently deleted in full by the CIT(A) and the Tribunal.

What were the issues?

Whether a penalty under Section 271(1)(c) can survive when the underlying additions have been deleted in full by higher appellate authorities.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Amit Khotari, Ld. AR
For Respondent: Ms. Usha Gaikwad, Ld. DR

O R D E R

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