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

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.

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.

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