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Income Tax Appellate Tribunal, DELHI BENCH “SMC”, NEW DELHI
Before: SHRI R. K. PANDA
O R D E R PER R. K. PANDA, AM : This appeal filed by the assessee is directed against the order dated 18.03.2016 of CIT(A)- 34, New Delhi relating to assessment year 2005-06. 2. Levy of penalty of Rs.2,75,534/- u/s 271(1)(c) by the Assessing Officer and confirmed by the ld. CIT(A) is the only issue raised by the assessee in the grounds of appeal
3. Ld. counsel for the assessee at the outset filed a copy of the order of the Tribunal in assessee’s own case for assessment year 2005-06 vide order dated 17.05.2016 and submitted that the Tribunal has restored the quantum appeal to the file of the Assessing Officer. Therefore, this penalty matter also should be restored to the file of the Assessing Officer for fresh adjudication.
Ld. DR has no objection for the same.
Since the addition on which penalty was levied has been restored to the file of the Assessing Officer for fresh adjudication, therefore, the penalty so levied by the Assessing Officer and upheld by the ld. CIT(A) does not survive and, therefore, the same is cancelled. However, the Assessing Officer is at liberty to initiate penalty proceedings u/s 271(1)(c) as per law after passing the assessment order. I hold and direct accordingly. The grounds raised by the assessee are accordingly allowed.
In the result, the appeal filed by the assessee is allowed.
Order pronounced in the open Court at the time of hearing itself i.e. on this 21st day of November, 2017.