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Income Tax Appellate Tribunal, [ DELHI BENCH “B” : DELHI ]
Before: SHRI CHALLA NAGENDRA PRASADSHRI M. BALAGANESH
आदेश /O R D E R PER C. N. PRASAD, J. M. :
This appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals)-2 [hereinafter referred to 1 CIT (Appeals)] New Delhi, dated 31.03.2016 for assessment year 2007-08 in confirming the penalty levied under section 271(1)(c) of the Income Tax Act, 1961 (the Act).
The ld. Counsel for the assessee, at the outset, submits that the quantum addition/disallowance made by the Assessing Officer while completing the assessment has been set aside and restored back to the file of the Assessing Officer by the Tribunal by order dated 23.12.2016 in and, therefore, since the quantum addition/disallowance has been restored to the file of the Assessing Officer the penalty levied by the Assessing Officer based on such addition/disallowance has no legs to stand. 3. On hearing the rival submissions and perusing the order of the Tribunal, we notice that the quantum addition/disallowance made in the assessment order for the assessment year 2007-08 has been restored to the file of the Assessing Officer. In the circumstances the penalty levied based on the addition/disallowance made in the assessment order will not survive. Hence, the penalty order passed under section 271(1)(c) is set aside and grounds of appeal
of the assessee is allowed.
4. In the result appeal of the assessee is allowed. Order pronounced in the open court on : 17/10/2023.