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| The Tax Publishers2019 TaxPub(DT) 5728 (Mum-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where quantum addition based on which penalty was imposed, the quantum addition itself was deleted during appellate proceedings, penalty under section 271(1)(c) was deleted as it did not survive.
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Penalty under section 271(1)(c) - Validity - Deletion of quantum addition by Tribunal -
Assessee challenged imposition of penalty under section 271(1)(c) contending that quantum addition itself was deleted during appellate proceedings. Held: Where the additions made in the Assessment Order, on the basis of which penalty for concealment was levied, are deleted, there remains no basis at all for levying the penalty for concealment, and therefore, in such a case, no such penalty can survive and the same is liable to be cancelled
REFERRED : CIT v. M/s. HSBC Securities & Capital Markets India (P) Ltd. (2012) 23 taxman.com 377 (Bom) : 2012 TaxPub(DT) 2404 (Bom-HC) and CIT v. Darshan Securities (P.) Ltd. (2012) 206 Taxman 68 (Bom) : 2012 TaxPub(DT) 0918 (Bom-HC)
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, MUMBAI BENCH
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