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Facts
The assessee filed two appeals against the penalty orders for assessment years 2017-18 and 2018-19. The penalty for AY 2017-18 was Rs. 2,90,481/- under Section 271AAC(1), and for AY 2018-19, it was Rs. 95,010/- under Section 271AAV(1) of the Income Tax Act, 1961. The CIT(A) had upheld these penalty orders.
Held
The tribunal noted that separate appeals concerning the quantum proceedings for the same assessment years had already been set aside and restored to the Assessing Officer for fresh decision. Consequently, the penalty orders also deserve to be set aside for fresh consideration after affording the assessee a reasonable opportunity of being heard.
Key Issues
Whether the penalty orders should be upheld when the related quantum proceedings have been set aside and restored for fresh adjudication.
Sections Cited
271AAC(1), 271AAV(1)
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Income Tax Appellate Tribunal, JAIPUR BENCHES,” B”-Bench” JAIPUR
Before: SHRI RATHOD KAMLESH JAYANTBHAI, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA. No. 186 & 187/JPR/2024
vkns'k@ORDER PER BENCH:
The above captioned two appeals have been filed challenging order dated 04.01.2024 passed by Learned CIT(A), as thereby penalty order dated 01.02.2024 passed by the Assessing Officer, in relation to assessment years 2017-18 and 2018-19 has been upheld. As regards the assessment year 2017-18, Assessing Officer imposed penalty of Rs. 2,90,481/- u/s 271AAC(1) of the Income Tax Act, 1961(hereinafter referred to as the “Act”).