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Income Tax Appellate Tribunal, “GUWAHATI” BENCH, GUWAHATI
O R D E R Per Rajesh Kumar, AM:
This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 05.03.2024 for the AY 2015-16.
The only issue raised in various grounds of appeal is against the confirmation of penalty by ld. CIT (A) as imposed by the ld. AO u/s 271(1)(c) of the Act.
3. At the outset, the ld. Counsel for the assessee stated that the addition made by the ld. AO towards sale of shares on which this penalty was imposed has already been deleted by the Tribunal vide order dated 18.10.2024 passed in and Ors for A.Y. 2015-16 in the case of Mahipal Kothari Vs. ACIT and therefore penalty sustained by the ld. CIT (A) has no legs to stand. Therefore, the ld.
The ld. DR on the other hand fairly agreed that the addition has been deleted by the Tribunal as stated by the ld AR.
After hearing the rival contentions and perusing the materials available on record including the decision of the co-ordinate Bench in quantum appeal in for A.Y. 2015-16, the addition on which this penalty was imposed was deleted. Accordingly the penalty has to go as there is no basis of the said penalty surviving any more. Therefore, we set aside the order of ld. CIT (A) and direct the ld. AO to delete the addition.
In the result, the appeal of the assessee is allowed.
Order pronounced in the open court on 11.02.2025.