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Income Tax Appellate Tribunal, DELHI BENCH : F : NEW DELHI
Before: SHRI R.S. SYAL & SMT. BEENA A. PILLAI
(Appellant) (Respondent) Appellant by : Shri K.R. Manjani, Advocate Respondent by: Shri Ravi Kant Gupta, Sr.DR Date of Hearing : 08.08.2018 Date of Pronouncement: 09.08.2018 ORDER PER R.S. SYAL, VP: This appeal by the assessee is directed against the order passed by the CIT(A) on 09.12.2014 confirming penalty of Rs.2,10,000/- imposed by the Assessing Officer u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) in relation to Assessment Year 2002-03.
We have heard both the sides and perused the relevant material on record. It is observed that the Assessing Officer imposed penalty of Rs.2,10,000/- in respect of addition of Rs.7 lac for two loans. The ld. CIT(A) sustained the penalty. The appeal of the assessee against the quantum addition came up for consideration before the Tribunal. Vide order dated 24.07.2015 in whose copy has been placed on record, the Tribunal has deleted the addition of Rs.7lac. Since the very foundation of the penalty, being the addition of Rs.7 lac, ceases to exist, there can be no question of any penalty. We, therefore, order to delete the penalty.
In the result, the appeal filed by the assessee is allowed.
The decision was pronounced in the open court on 09.08.2018.