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Income Tax Appellate Tribunal, DELHI BENCH ‘G’, NEW DELHI
Before: SHRI J. SUDHAKAR REDDY & SHRI KULDIP SINGH
ORDER PER J.SUDHAKAR REDDY, ACCOUNTANT MEMBER
This is an appeal filed by the Assessee directed against the order of the Ld.Commissioner of Income Tax (Appeals)-XII, New Delhi dated 13.11.2013 pertaining to the Assessment Year (A.Y.) 2007-08, wherein penalty levied u/s 271(1)(c ) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) on the following additions confirmed by the First Appellate Authority. (i) Interest on NSC - Rs.62,075/- (ii) Reimbursement of plant expenses - Rs.2,37,263/- (iii) Deemed Interest - Rs.2,84,405/-
We have heard Shri Raj Kumar, the Ld.Counsel for the assessee and Smt.Anima Barnwal, Ld.Sr.D.R. on behalf of the Revenue.
Spacevision Impex P Ltd., New Delhi
On a careful consideration of the facts and circumstances of the case, orders of lower authorities and case laws cited, we hold as follows.
We find that as regards penalty levied on addition of interest on NSCs, similar issue arose in the assessee’s own case for the earlier A.Y. and the ITAT in A.Y. 2006-07 order dt. 24.2.2016 deleted the penalty.
4.1. Consistent with the view taken therein, we delete the penalty levied on this addition.
4.2. As regards the other two additions, we find that the Tribunal in the quantum proceedings has deleted the additions. Hence the penalty levied on these additions cannot survive. In the result we quash the penalty order.
In the result the appeal filed by the assessee is allowed.
Order pronounced in the Open Court on 31st May, 2016.
Sd/- Sd/- (KULDIP SINGH) (J.SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: the 31st May, 2016 *mangavathy gudipati
Spacevision Impex P Ltd., New Delhi Copy of the Order forwarded to: