LUPIN INTERNATIONAL,MUMBAI vs. ITO 19(2)(3) ( NOW 22(2)(3), MUMBAI

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ITA 2295/MUM/2015Status: DisposedITAT Mumbai22 February 2016AY 1997-982 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the addition on which the penalty was levied had been deleted in the quantum proceedings. Therefore, the penalty could not stand.

What were the facts?

The assessee appealed against a penalty levied under section 271(1)(c) for AY 1997-98. The penalty was based on a disallowance of interest/bill discounting charges.

What were the issues?

Whether penalty under section 271(1)(c) can be sustained when the underlying addition has been deleted.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “A”, MUMBAI

Before: SHRI AMIT SHUKLA & SHRI RAJESH KUMAR

For Appellant: Ms Vasanti Patel

आदेश ORDER अिमत शु�ला : �या. स.: PER AMIT SHUKLA, JM:

1.

The aforesaid appeal has been filed by the assessee against impugned order dated 09.03.2015 passed by CIT(A)-34, Mumbai in relation to the penalty proceedings under section 271(1)(c) for AY 1997-98. The assessee is mainly aggrieved by levy of penalty of Rs. 39 lakhs under section 271(1)(c) on account of disallowance of expenditure aggregating to Rs. 96,94,638/- in respect of interest / discounting charges paid to Lupin Laboratories Ltd.

2.

At the outset, the Ld. Counsel submitted that, in the quantum proceedings, the Tribunal vide order dated 01.06.2015 has deleted the said addition and therefore, the impugned penalty proceedings having no legs to stand.

2 Lupin International

3.

The Ld. DR also admitted that, in the quantum proceedings the addition has been deleted.

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