GBS MARKETING PVT LTD.,DELHI vs. ITO,WARD-10(1), DELHI

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ITA 4811/DEL/2024Status: DisposedITAT Delhi07 January 2025AY 2008-09Bench: Sh. Satbeer Singh Godara (Judicial Member)1 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that since the primary addition for unexplained cash credits was already deleted by a co-ordinate bench, the penalty arising from it also cannot sustain. The Tribunal relied on the precedent set in K. C. Builders Vs. ACIT (2004).

What were the facts?

The assessee's appeal for AY 2008-09 arises from a penalty imposed under Section 271(1)(c) of the Income Tax Act, following an addition for unexplained cash credits. An earlier co-ordinate bench had deleted the quantum addition corresponding to this penalty.

What were the issues?

Whether a penalty under Section 271(1)(c) can sustain when the underlying quantum addition has been deleted by a co-ordinate bench?

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 68

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI

Before: Sh. Satbeer Singh Godara

Hearing: 07.01.2025Pronounced: 07.01.2025

ORDER This assessee’s appeal for Assessment Year 2008-09, arises against the CIT(A)/NFAC, Delhi’s DIN & order No. ITBA/NFAC/S/250/2024-25/1067767980(1) dated 20.08.2024, in proceedings u/s 271(1)(c) of the Income Tax Act, 1961 (in short “the Act”).

2.

Heard both the parties at length. Case file perused.

3.

It emerges at the outset that the earlier learned co- ordinate bench in assessee’s appeal decided on 07.03.2022 has already deleted the corresponding quantum addition of Rs.50,00,000/- representing section 68 unexplained cash credits and therefore, the impugned penalty

4.

This assessee’s appeal is allowed. Order Pronounced in the Open Court on 07/01/2025.

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