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Income Tax Appellate Tribunal, DELHI BENCH ‘C’, NEW DELHI
Before: SH. N. K. BILLAIYA & SH.KUL BHARAT
This appeal by the assessee is preferred against the order of the CIT(A)-1, Noida dated 30.08.2018 pertaining to A.Y.2013-14.
The sum and substance of the grievance of the assessee is that the CIT(A) erred in confirming the levy of penalty u/s. 271 (1) (c) of the Act amounting to Rs.120980/-.
The roots for the levy of penalty lie in the assessment order dated 28.03.2016 framed u/s.143(3) of the Act by which returned loss of Rs.11879282/- was assessed at a loss of Rs.10654210/-. The order was challenged before the appellate authorities and the quarrel travelled up to this Tribunal.
This Tribunal in by order dated 14.06.2023 has deleted the additions/disallowance and the appeal was allowed.
Since the basis has been removed the penalty has no legs to stand. We accordingly direct the AO to delete the penalty so levied. The appeal of the assessee is allowed.
Decision announced in the open court on 29.08.2023.