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Income Tax Appellate Tribunal, [ DELHI BENCHES: “E” NEW DELHI ]
Before: SHRI I. C. SUDHIR & SHRI PRASHANT MAHARISHI
of penalty has been deleted by the Tribunal in the case of assessee itself for the assessment year under consideration vide order dated 13.12.2016 in a copy of which has been made available to the Bench with a copy to the other side.
Having gone through the said order dated 13.12.2016 of the Tribunal, we find that the assessment framed under section 147 / 143(3) of the Act, which is subject matter of levy of penalty in the present case, has been held invalid and has been quashed accordingly. In view of these developments, the levy of penalty in question does not stand. The present appeal for the assessment year 2004-05 is accordingly allowed.
In result, appeal is allowed.
The order is pronounced in the Open Court on: 31.05.2017.