M/S. IMAGE PROMOTERS PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

Levy of penalty of Rs.12 lacs by the Assessing Officer u/s. 271 (1) (c ) which has been confirmed by the CIT(A) is the only issued raised by the assessee in the grounds of appeal.

We have heard the rival arguments made by both the sides. The Ld. Counsel for the assessee drew the attention of the bench to the order of the Tribunal in assessee’s own case vide order dated 29.03.2019 for the A. Y. 2005-06 wherein the matter has been restored to the file of the CIT(A) in the quantum proceedings for fresh adjudication.

In view of the above we restore this issue of penalty to the file of the CIT(A) with a direction to decide the issue afresh. The Ld. CIT(A) shall decide the issue as per fact and law after giving due opportunity of being heard to the assessee. We hold and direct accordingly.

In the result, the appeal filed by the assessee is allowed for statistical purpose. Order pronounced in the open court on 08.07.2019.