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Income Tax Appellate Tribunal, DELHI BENCH “D”: NEW DELHI
Before: SHRI G.D. AGRAWAL, HON’BLE & SHRI AMIT SHUKLA
order dated 23.4.2015, passed by Ld. CIT (Appeals)-V, New Delhi in relation to the penalty proceedings u/s 271(1)(c). In the grounds of appeal revenue has raised following grounds:-
“1.Whether on the facts and circumstances of the case & in law, the Ld.
CIT(A) has erred in deleting the penalty u/s 271(1)(c) of the I.T. Act,
1961 of Rs. 14,28,000/-. As the 2nd appeal is recommended in the quantum assessment.
That the order of the Ld. CIT(A) is erroneous and is not tenable on facts and in law.”
2. In the aforesaid case penalty has been levied for an addition of Rs. 40 lac on account of share application money. In the quantum proceedings, the said addition has been deleted and it for this reason alone the Ld. CIT (A) has deleted the penalty.
In view of the aforesaid fact that, once in the quantum proceedings addition stands deleted, then levy of penalty on same addition has no legs to stand. Accordingly, the order of the Ld. CIT (A) is confirmed and grounds raised by the revenue are dismissed.
In the result the appeal of the revenue is dismissed.
Order pronounced in the Open Court on 19th June, 2018.