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Income Tax Appellate Tribunal, KOLKATA BENCH “B” KOLKATA
Before: Shri S.S.Godara & Dr. A.L. Saini
O R D E R
PER S.S.Godara, Judicial Member:
- This Revenue’s appeal for Assessment Year 2009-10 arises from Commissioner of Income Tax (Appeals)-7,Kolkata’s order dated 20.09.2017, passed in case appeal No.80/CIT(A)-7/Kol/Ward-27(2)/16-17, reversing the Assessing Officer’s imposing penalty of ₹13,67,767/-, in proceedings under section 271(1)(c) of the Income Tax Act, 1961 (in short the ‘Act’).
Heard both the parties. Case file perused. 2. It is noticed at the outset that CIT(Appeal)’s the only reason for deleting the penalty is that assessee’s appeal against quantum addition stands accepted in his order dated 31.08.2017. Both parties inform us during the course of hearing that the Revenue’s quantum appeal ITA No.2336/Ko/2017 ITO Wd-27(2) Hld. Vs. Sh Partha Sarathi Das Page 2 seeking to revive capital gains addition stands dismissed on 28.03.2018. A copy of said order forms part of case records before us. Learned co-ordinate bench therein concludes that capital gains addition is to be assessed in the hands of partnership firm than the present assessee / individual. We hold in this factual back drop that impugned penalty has no leg to stand. The Revenue sole sustentative ground is rejected.
This Revenue’s appeal is dismissed.