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Income Tax Appellate Tribunal, “D”
Before: HON’BLE SHRI R. C. SHARMA, AM & HON’BLE SHRI SANDEEP GOSAIN, JM
आदेश / O R D E R
Per Sandeep Gosain, Judicial Member:
This appeal filed by the assessee is against the order of Ld. CIT(A)-52, Mumbai dated 02.11.15 upholding the imposition of penalty.
Rajendra Kumar Champalal Jain, 2. The Ld. AR drawn our attention to the order of Hon’ble ITAT in quantum appeal bearing for AY 2012-33 titled Ravindra Champalal Jain Vrs. ACIT dated 30.11.2016.
On the perusal of para no. 5 of the said order of Hon’ble ITAT, the quantum has already been deleted by allowing the ground of appeal in favour of the assessee. The penalty has borne out of assessment order and since the quantum has already been deleted, therefore the penalty arising out of the said order is not sustainable in the eyes of law. In view of the above facts, circumstances and discussion, we drop the penalty while setting aside the order of Ld. CIT(A). It is ordered accordingly.