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Income Tax Appellate Tribunal, DELHI BENCH ‘E’, NEW DELHI
Before: SH. N. K. BILLAIYA & MS. ASTHA CHANDRA
ORDER PER N. K. BILLAIYA, AM:
This appeal by the assessee is preferred against the order dated 26.10.2022 by NFAC pertaining to A.Y. 2008-09. 2. The sum and substance of the grievance of the assessee is that NFAC erred in confirming the penalty levied u/s. 271 (1)(c) of the Act.
The roots for the levy of penalty lie in the assessment order dated 10.12.2015 framed u/s. 147/143(3) of the Act. The returned income of Rs.131131/- was assessed at Rs.1792555/- after making an addition on account of short term capital gain of Rs.1661424/-.
The quantum addition travelled upto the Tribunal and this Tribunal in vide order dated 08.10.2018 restored the quarrel to the file of the CIT(A) with a direction to decide the appeal on merit of the case. In the light of the said order of the coordinate Bench the quarrel relating to the penalty is also set aside to the files of the CIT(A). The CIT(A) is directed to decide the issue of levy of penalty u/s. 271(1)(c) of the Act after deciding the quantum appeal. 5. In the result, the appeal of the assessee is allowed for statistical purpose. 6. Decision announced in the open court 01.08.2023.