M/S. ASHIMA SECURITIES PVT. LTD.,NEW DELHI vs. ITO, NEW DELHI

Learned Counsel for the Assessee at the outset submitted that in both the assessment years under appeals, assessments were reopened under section 148 of the I.T. Act which resulted into levy of the penalty. He has submitted that assessee preferred appeals before the ITAT, Delhi A- Bench against the quantum Orders in ITA.Nos.3400 & 3401/Del./2013 for assessment years under appeals in which the Tribunal has quashed the re-assessment proceedings vide Order dated 29.09.2017, copy of the order is placed on record. He has, therefore, submitted that penalty is not leviable in such circumstances.

The Ld. D.R. did not dispute this fact.

Considering the above fact and that since re- assessment orders are set aside and entire additions have been deleted by the Tribunal as noted above, no basis is left for levy of the penalty against the assessee. We, accordingly,

In the result, both the appeals of the assessee are allowed.