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Income Tax Appellate Tribunal, DELHI BENCH: ‘C’ NEW DELHI
Before: SHRI S.K. YADAV & SHRI PRASHANT MAHARISHI
PER SHRI S.K. YADAV, J.M. These appeals are preferred by the assessee against the respective orders of the Ld. Commissioner of Income Tax (Appeals) (hereinafter called as the “CIT(A)”) confirming the penalty levied u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter called as the ‘Act’).
During the course of hearing, the Ld. Counsel for the assessee has moved an application for the withdrawals of these appeals on the ground that these penalties are levied on account of additions made in the assessment order passed u/s 144 read with Section 263 of the Act and the order passed by the CIT(A) u/s 263 of the Act for both the assessment years i.e. 2002-03 and 2003-04 was set aside by the Tribunal, vide its order dated 25.05.2017 & 12.05.2016. Therefore, the impugned penalties are not sustainable in the eyes of law.
The Ld. DR did not dispute these facts.
Having carefully examined the orders of the Tribunal and the orders of the authorities below, we find that the foundation on the basis of which penalty u/s 271(1)(c) of the Act, was levied, has been eroded. Therefore, the penalties levied u/s 271(1)(c) of the Act are not sustainable in the eyes of law. We, accordingly, allow the withdrawal of the appeals filed by the assesses.
In the result, the appeals of the assessee stand dismissed as withdrawn.
Order pronounced in the open court on 24.05.2018