ACIT, CEN. CIR.-3(3), KOLKATA vs. M/S NEW HORIZON (P) LTD, KOLKATA

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ITA 225/KOL/2021Status: DisposedITAT Kolkata09 June 2022AY 2015-162 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that since the quantum additions were deleted by a prior order, the penalty levied on those additions had no basis. Therefore, the deletion of the penalty by the CIT(A) was justified.

What were the facts?

The Revenue appealed against the deletion of penalty by the CIT(A). The penalty was levied under Section 271AAB. The assessee argued that the quantum additions, on which the penalty was based, were already deleted by a previous Tribunal order.

What were the issues?

Whether penalty under Section 271AAB can be sustained when the underlying quantum additions have been deleted.

Which sections of the Income-tax Act were involved?

Section 271AAB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B”

Before: Shri Sanjay Garg & Shri Girish Agrawal

IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Shri Girish Agrawal, Accountant Member Assessment Year: 2015-16 ACIT, Central Circle-3(3), Kolkata....…...............……........……...…..……... Appellant vs. M/s New Horizon (P) Ltd.…….......... .........................................……….…… Respondent 41, Shakespeare Sarani, Kolkata-700017 [PAN:AAACN8505C] Appearances by: Shri N.S. Saini, Advocate and Priyanka Salarpuria, FCA and Sonu Kumar Agarwal, FCA, appeared on behalf of the appellant. Smt. Ranu Biswas, Addl CIT, appeared on behalf of the Respondent. Date of concluding the hearing : June 9, 2022 Date of pronouncing the order : June 9, 2022

ORDER

Per Sanjay Garg, Judicial Member:

1.

The present appeal has been preferred by the Revenue against the order dated 16.03.2021 of the Commissioner of Income Tax(Appeals)-21, Kolkata [hereinafter referred to as ‘CIT(A)’]. The Revenue is aggrieved by the action of the CIT(A) in deleting the penalty levied by the Assessing Officer u/s 271AAB of the Income Tax Act (hereinafter referred to as the ‘Act’).

2.

At the outset, the ld. Counsel for the assessee has invited our attention to the order of the Tribunal dated 28.08.2019 passed in to submit that the quantum additions in respect of which the impugned penalty was levied by the Assessing Officer, stand deleted vide the aforesaid order of the Tribunal. That the ld. CIT(A) taking note of the above fact, has deleted the impugned penalty. The ld. AR has also not disputed the aforesaid fact. Since, the quantum addition stood deleted by the order of the Tribunal dated 28.08.2019, therefore, the impugned penalty did not have any legs to stand and the same has rightly been deleted by the ld. CIT(A). There is no merit in the appeal of the Revenue and the same is accordingly dismissed.

Assessment Year: 2015-16 M/s New Horizon (P) Ltd

3.

In the result, the appeal of the Revenue stands dismissed. Kolkata, the 9th June, 2022.

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