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Income Tax Appellate Tribunal, “C” Bench, Mumbai
Before: Shri B.R. Baskaran (AM) & Shri Pawan Singh (JM)
The appeal filed by the Revenue is directed against the order dated 28.2.2014 passed by the learned CIT(A)-10, Mumbai deleting the penalty of ` 3.58 crores levied by the Assessing Officer u/s. 271(1)(c) of the Act for A.Y. 2002-03.
None appeared on behalf of the assessee. However, learned Departmental Representative submitted that the Assessing Officer had levied penalty on the amount of ` 11.71 crores assessed by him under the head ‘income from other sources’ in respect of the amount received by the assessee pursuant to call option agreement. Learned Departmental Representative submitted that the Tribunal has decided this issue in favour of the assessee by holding that the above said amount is not assessable as per Indo-Singapore DTAA. In the result, the impugned addition has been deleted by the Tribunal
2 Mr. Praful Chandaria in assessee’s case, vide its order dated 26.8.2016 passed in and 4717/Mum/2013 (2016) 73 taxmann.com 14).
Since the addition, on which the impugned penalty was levied, has been set aside by the Tribunal the penalty order does not have legs to stand on its own. On this reasoning, we confirm the decision rendered by the learned CIT(A).
In the result, appeal filed by the Revenue is dismissed.
Order has been pronounced in the Court on 10.11.2016