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Income Tax Appellate Tribunal, IN THE INCOME TAX APPELLATE TRIBUNAL
Before: SHRI G.C. GUPTA
ORDER ORDER ORDER ORDER
This appeal by the assessee for the assessment year 2007-08 is directed against the order of learned CIT(A)-XVII, New Delhi dated 1st January, 2014.
The only effective ground of appeal of the assessee is as under:-
“That the CIT(A) has, in view of the facts and circumstances of the case and in law, has grossly erred in upholding the penalty levied by ld.AO of Rs.14,30,550/- and the appellate order passed is illegal and bad in law.”
Learned counsel for the assessee submitted that all the additions made in the assessment of the assessee have been deleted in appeal by the Tribunal in the quantum appeal of the assessee for the relevant assessment year 2007-08 in order dated 16th
2 ITA-2277/Del/2014 January, 2015 and, therefore, there remains no basis for sustaining penalty u/s 271(1)(c) of the Income-tax Act, 1961.
Learned DR could not controvert the submissions of the learned counsel for the assessee.
I have considered the submissions of both the sides and perused the order of the Assessing Officer and the learned CIT(A). I find that the additions made in the assessment of the assessee have been deleted by the Tribunal in the quantum appeal of the assessee for the relevant assessment year 2007-08 vide its order dated 16th January, 2015 (supra) and, therefore, there remains no basis to sustain the penalty imposed u/s 271(1)(c) of the Act, which is accordingly cancelled and the ground of appeal of the assessee is allowed.
In the result, the appeal of the assessee is allowed. Decision pronounced in the open Court on 5th October, 2015.