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Income Tax Appellate Tribunal, DELHI BENCH ‘F’, NEW DELHI
Before: SH. N. K. BILLAIYA & SH. MAHAVIR PRASAD
This appeal filed by the assessee is preferred against the order of the CIT(A)-15, New Delhi dated 29.12.2017 for A.Y. 2007-08.
The sum and substance of the grievance of the assessee is that the CIT(A) erred in confirming the penalty levied u/s. 271 (1) (c) of the Act by the AO amounting to Rs.2925851/-.
The roots for the levy of penalty lie in the assessment order dated 19.12.2011 framed u/s. 143 (3) r.w.s. 147 of the Act.
The quarrel relating to the additions made in the assessment order travelled upto the Tribunal and the Tribunal vide order dated 07.09.2018 in quashed the assessment order. The relevant findings of the Tribunal read as under :-
Since the foundation has been removed by the Tribunal the levy of penalty should fall. We direct the AO to delete the penalty levied u/s. 271 (1) (c).
In the result, the appeal filed by the assessee is allowed.
Decision announced in the open court in the presence of both the representatives on 15.07.2021.