ITO, CIRCLE, PARWANOO vs. M/S GLOBE PRECISION INDUSTRIES PVT. LTD., BADDI

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ITA 997/CHANDI/2017Status: DisposedITAT Chandigarh27 March 2018AY 2010-112 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that since the quantum addition was set aside by the Hon'ble High Court, the resultant penalty has no basis. Therefore, the appeal filed by the Revenue has no merit.

What were the facts?

The Revenue appealed against the deletion of penalty levied under Section 271(1)(c) by the Assessing Officer. The assessee had challenged the quantum addition before the High Court.

What were the issues?

Whether a penalty levied under Section 271(1)(c) can sustain if the underlying quantum addition is deleted by a higher authority.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CHANDIGARH BENCHES ‘A’, CHANDIGARH

Before: SHRI SANJAY GARG & Ms. ANNAPURNA GUPTA

For Respondent: Smt. Chanderkanta, Addl CIT
Hearing: 27.03.2018Pronounced: 27.03.2018

Per Sanjay Garg, Judicial Member:

The present appeal has been preferred by the Revenue against the order of the Commissioner of Income Tax (Appeals), [hereinafter referred to as CIT(A)], Shimla dated 20.03.2017 rereading the action of the CIT(A) in deleting the penalty levied by the Assessing officer u/s 271(1)(c) of the Income-tax Act, 1961 (in short 'the Act').

2.

The Ld. counsel for the assessee, at the outset, has furnished a copy of the order of the Hon'ble Jurisdictional High Court of Himachal Pradesh at Shimla and stated that the assessee had challenged the quantum addition before the Hon'ble High Court which

ITA No. 997/Chd/2017- M/s Globe Precision Industries, Solan 2

stood reversed by the Hon'ble High Court vide its order dated

28.11.2017 in the group of cases with the lead case as M/s Stovekraft

India Vs. CIT, wherein the assessee case was listed at S.No. 32 of the

said order bearing ITA No.70/2016.

3.

The Ld. DR has fairly admitted that the quantum addition has

been set aside by the Hon'ble High Court, hence, the resultant penalty

has no legs to stand.

4.

In view of this, we find that there is no merit in the appeal of

the Revenue and the same is accordingly dismissed.

Order pronounced in the open court.

Sd/- Sd/- (ANNAPURNA GUPTA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated : 27.03.2018 Rkk Copy to: 1. The Appellant 2. The Respondent 3. The CIT 4. The CIT(A) 5. The DR

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