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Income Tax Appellate Tribunal, DELHI BENCH “Friday” NEW DELHI
Before: SHRI G.D. AGRAWAL & SHRI AMIT SHUKLA
PER AMIT SHUKLA, J.M.: The aforesaid appeal has been filed by the assessee against the impugned order dated 18.04.2016 passed by Ld. CIT(Appeals)-V, Delhi in relation to penalty proceedings initiated u/s.271(1)(c) for the Assessment Year 2004-05. The assessee is mainly aggrieved by levy of penalty at Rs.7,17,500/-.
At the outset, ld. counsel for the assessee submitted that in the quantum proceedings, the Tribunal vide order dated 03.04.2017 in has set aside the order of the ld. CIT (A) and quash the proceedings initiated u/s.147/148 of the Act, therefore, the impugned penalty appeal should also be deleted.
Learned Department Representative has no objection and he too admitted that in the quantum proceedings, the matter has been set aside and the appeal has been allowed.
After considering the aforesaid submissions, we find that in the quantum proceedings the Tribunal has set aside the order of the Ld. CIT (A) and allowed the quantum appeal. Whence in the quantum appeal, the order of the ld. CIT (A) has set aside and quantum appeal of the assessee has allowed, then the impugned penalty is deleted and consequently, appeal of the assessee is allowed.
In the result, the appeal of the assessee is allowed. Order pronounced in the open Court on 17th September, 2018.