DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(3), BANGALORE vs. M/S ASSOCIATED MINING COMPANY, BANGALORE

At the outset, the Ld Counsel appearing for the assessee submitted that the assessments framed for all the years under consideration have since been quashed by the Tribunal, vide its order dated 18-10-2016 passed in to 1360/B/2014. Accordingly he submitted that the present penalty orders for the years under consideration will not survive, since the concerned assessment orders have been quashed.

The Ld D.R did not object to the factual aspects presented by Ld A.R.

Since the assessment orders, on the basis of which the impugned penalty orders have been passed, have been quashed by the Tribunal, vide its order referred above, the impugned penalty orders shall not have independent legs to stand on its own. Accordingly we find merits in the submissions of the Ld A.R of the assessee. We notice that the Ld CIT(A) has cancelled the penalty on the reasons cited above. Accordingly we do not find any infirmity in the orders passed by Ld CIT(A).

In the result, all the appeals of the revenue are dismissed.