ABHAY VASANTRAO UPADHYE,KOLHAPUR vs. INCOME TAX OFFICER, WARD 2(2), KOLHAPUR

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ITA 289/PUN/2022Status: DisposedITAT Pune22 December 2022AY 2009-102 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 once the primary addition is deleted, there is no basis for levying a penalty for concealment. Therefore, the penalty cannot survive.

What were the facts?

The Assessing Officer levied penalty under Section 271(1)(c) based on an addition of Rs. 10 lakhs for unexplained cash credits. This addition was subsequently deleted by the Income Tax Appellate Tribunal in a quantum appeal.

What were the issues?

Whether penalty under Section 271(1)(c) can be sustained when the addition on which it was based has been deleted.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, PUNE BENCH “C”, PUNE

Before: SHRI INTURI RAMA RAO & SHRI S. S. VISWANETHRA RAVI

For Respondent: Shri Suhas Kulkarni
Hearing: 20.12.2022Pronounced: 22.12.2022

ORDER

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