HARSHAD TRADERS,,JALNA vs. INCOME-TAX OFFICER, WARD - 1,, JALNA

This appeal by the assessee against the order dated 11-01-2019 passed by the Commissioner of Income Tax (Appeals)-1, Aurangabad [‘CIT(A)’] for assessment year 2012-13.

The only issue is to be decided is as to whether the CIT(A) justified in confirming the penalty imposed by the AO u/s. 271(1)(c) of the Act.

At the outset, the ld. AR submits that the quantum on which the penalty was imposed deleted by this Tribunal. He placed on record a copy of order dated 19-07-2019 and on perusal of the same, we note that this Tribunal discussed the issue in quantum appeal at Para No. 11 and deleted the addition made on account of discount offered by the assessee to M/s. Rajuri Steels Pvt. Ltd. Therefore, considering the same when there is no quantum surviving, no penalty lies. Thus, the grounds raised by the assessee are allowed.

In the result, the appeal of assessee is allowed.