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Income Tax Appellate Tribunal, BENCH “F”, MUMBAI
Before: SHRI PAWAN SINGH & SHRI RAJESH KUMARShri Ram Tiwari (DR) PER PAWAN SINGH:
Order Under Section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by assessee under section 253 of Income Tax Act (‘the Act’) is directed against the order of Ld. Commissioner of Income-Tax (Appeals)-4, Mumbai, [for short the ld. CIT(A)] dated 13.06.2016 for Assessment Year 2007-2008 which in turn arises from the order of penalty order levied by Assessing Officer under section 271(1)(c) of the Act dated 26.03.2015.
At the outset of hearing, the Ld. Authorized Representative (AR) of the assessee submits that the grounds of appeal raised in the present appeal is covered in favour of assessee as the disallowances/addition on the basis of which the penalty was levied by assessing officer, has been deleted by the Tribunal in appeal on quantum assessment in dated 28.02.2017.
M/s Maya Entertainment Ltd. 3. On going through the order of Tribunal in dated 28.02.2017, the Ld. Departmental Representative (DR) for the Revenue conceded the addition/disallowances on the basis of which the penalty was levied by Assessing Officer has been deleted by Tribunal.
We have considered the submission of the parties and perused the order of penalty and the order passed by Tribunal in dated 28.02.2017. We have noted that the Tribunal has deleted the addition/disallowances on account of depreciation of software, depreciation on fixed assets and prior period expenses vide order dated 28.02.2017 in ITA No. 7098/Mum/2013. Considering the fact that the addition/disallowance on the basis of which the penalty was levied has been deleted, the order of penalty passed by assessing officer would not survive. In the result, the order of penalty under section 271(1)(c) of the Act dated 26.03.2015 is set-aside.
In the result, appeal filed by assessee is allowed. Order pronounced in the open court on 19th day of March 2018.