M/S. STANDARD BRANDS LIMITED,NEW DELHI vs. ITO, NEW DELHI

This appeal by the assessee is preferred against the order of the CIT(A)-XI dated 20.06.2014 pertaining to A.Y 2006-07.

The solitary grievance of the assessee is that the CIT(A) erred in upholding the levy of penalty u/s 271(1)(c) of the Income-tax Act, 1961 [hereinafter referred to as 'the Act'].

At the very outset, the ld. AR pointed out that the appeal against quantum additions is pending before the CIT(A). This being the fact of the matter, we restore this appeal to the file of the CIT(A) with a direction to decide the levy of penalty afresh after deciding the quantum appeal.

In the result, the appeal of the assessee in is allowed for statistical purposes.