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Income Tax Appellate Tribunal, CHANDIGARH BENCHES ‘A’, CHANDIGARH
Before: SHRI SANJAY GARG & Ms. ANNAPURNA GUPTA
Per Sanjay Garg, Judicial Member:
The present appeal has been preferred by the Revenue against the order of the Commissioner of Income Tax (Appeals), [hereinafter referred to as CIT(A)], Shimla dated 20.03.2017 rereading the action of the CIT(A) in deleting the penalty levied by the Assessing officer u/s 271(1)(c) of the Income-tax Act, 1961 (in short 'the Act').
The Ld. counsel for the assessee, at the outset, has furnished a copy of the order of the Hon'ble Jurisdictional High Court of Himachal Pradesh at Shimla and stated that the assessee had challenged the quantum addition before the Hon'ble High Court which
ITA No. 997/Chd/2017- M/s Globe Precision Industries, Solan 2
stood reversed by the Hon'ble High Court vide its order dated
28.11.2017 in the group of cases with the lead case as M/s Stovekraft
India Vs. CIT, wherein the assessee case was listed at S.No. 32 of the
said order bearing ITA No.70/2016.
The Ld. DR has fairly admitted that the quantum addition has
been set aside by the Hon'ble High Court, hence, the resultant penalty
has no legs to stand.
In view of this, we find that there is no merit in the appeal of
the Revenue and the same is accordingly dismissed.
Order pronounced in the open court.
Sd/- Sd/- (ANNAPURNA GUPTA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated : 27.03.2018 Rkk Copy to: 1. The Appellant 2. The Respondent 3. The CIT 4. The CIT(A) 5. The DR