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Income Tax Appellate Tribunal, “A” BENCH, MUMBAI
Before: SHRI SHAMIM YAHYA & SHRI RAVISH SOOD
Date of Hearing -06.03.2017 Date of Order – 07.03.2017 O R D E R PER: SHAMIM YAHYA This appeal by the assessee is directed against order of Ld. CIT-A dated. 07.02.2014 and pertains to assessment year 2003-04, whereby Ld.- CIT-A has confirmed the penalty levied u/s. 271(1) (C) amounting the Rs. 5 lakh.
At the outset in this case Ld. Counsel submitted that the addition with regard to which the penalty has been levied has already been deleted by this Tribunal in assessee own case in and ITA no. Longulf Trading India Pvt. Ltd, ITA no.3671/Mum./2014 2530/Mum/2010 vide order dated 02.03.2016. Hence Ld. Counsel submitted that since the addition has already been deleted, the penalty levied with regard to the above does not survive.
Ld. DR did not dispute the above proposition. Accordingly, since the addition has been deleted the ITAT the penalty based upon that addition doesn’t survive. Hence we set aside order of authorities below and delete the levy of penalty.