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Income Tax Appellate Tribunal, ‘A’ BENCH: CHENNAI
Before: SHRI V. DURGA RAO & SHRI G. MANJUNATHA
आदेश / O R D E R
Per V. Durga Rao, Judicial Member:
This appeal filed by the assessee is directed against the order of the Learned Commissioner of Income Tax (Appeals)-8, Chennai in dated 04.04.2019 relevant to the Assessment Year 2012-13.
2 -: 2. In this case, the Assessing Officer (AO) has initiated the penalty proceedings and imposed penalty and the same is confirmed by the Ld. CIT(A) on the ground that the assessee-company had not offered the interest on bank deposits as well as income from sale of DEPB licenses for taxation. The assessee-company was obligated to offer this income of Rs. 4,15,54,233/- as pre operative income under the head income from other sources. Non offering the income for taxation is deliberate attempt and tax evasive act of filing wrong particulars and concealing the taxable income attracts penalty u/s. 271(1)(c) of the Income Tax Act, 1961 (hereinafter "the Act"). In view of the above observation, the Ld. CIT(A) has confirmed the penalty levied by the A.O of Rs. 1,50,00,000/- u/s. 271(1)(c) of the Act.
On being aggrieved, the assessee carried the matter in appeal before the Tribunal.
The ld. counsel for the assessee has submitted that the quantum appeal filed by the assessee before the ITAT, the Hon’ble ITAT has set aside the order passed by the Ld. CIT(A) and remitted the matter back to the A.O to adjudicate the issue afresh in accordance with law. He has further submitted that in view of the order passed by the Tribunal in the quantum appeal, penalty levied by the Ld. CIT(A) cannot survive and submitted that the same may be remitted back to the A.O.
3 -: 5. On the other hand, the Ld. D.R has not raised any objection to the submission of the Ld. counsel for the assessee.