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| The Tax Publishers2019 TaxPub(DT) 4915 (Del-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where additions made in assessment order, on the basis of which penalty for concealment was levied, was deleted there remained no basis at all for levying penalty for concealment, and therefore, in such a case no such penalty could survive.
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Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - Leviability - Deletion of quantum addition forming basis for penalty
Assessee challenged penalty levied by AO under section 271(1)(c) as regards addition made on acount of valuation of stock on the ground of deletion of quantum addition by Co-ordinate Bench of the Tribunal. Held: As quantum addition already stood deleted, penalty levied under section 271(1)(c) had no legs to stand and therefore, corresponding penalty levied under section 271(1)(c) was unsustainable.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
INCOME TAX ACT, 1961
Section 271(1)(c)
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