Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, IN THE INCOME TAX APPELLATE TRIBUNAL
Before: SHRI G.D. AGRAWALG.D. AGRAWAL & AND BEFORE SHRI G.D. AGRAWALG.D. AGRAWAL & AND SHRI KULDIP SINGH SHRI KULDIP SINGHSHRI KULDIP SINGH SHRI KULDIP SINGH
PER G.D. AGRAWAL, VP PER G.D. AGRAWAL, VP :- PER G.D. AGRAWAL, VP PER G.D. AGRAWAL, VP This appeal by the assessee for the assessment year 2004-05 is directed against the order of learned CIT(A)-III, New Delhi dated 10th February, 2014.
The only ground raised in this appeal by the assessee is against the levy of penalty of `1,06,878/- u/s 271(1)(c) of the Income-tax Act, 1961.
At the time of hearing before us, it was pointed out by the learned counsel that the Assessing Officer had levied the penalty in respect of the addition of `3,44,320/-. The ITAT, on appeal, vide order dated 7th October, 2016 in has deleted the addition. Copy of the order has been filed before us.
2 ITA-2338/Del/2014
Since the addition itself has been deleted, the penalty based upon such addition cannot survive. We, therefore, delete the penalty levied u/s 271(1)(c) of the Act.
In the result, the appeal of the assessee is allowed. Decision pronounced in the open Court on 10.02.2017.