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The Tax Publishers2020 TaxPub(DT) 0988 (Bom-HC) INCOME TAX ACT, 1961
Section 271(1)(c)
Since in the quantum appeal being ITA No. 1056 of 2016, this Court by order had dismissed the appeal filed by Revenue upholding the order passed by Tribunal and imposition of penalty by AO was interfered in appeal against which the present appeal arose, therefore, the very foundation for sustaining the present appeal did not survive.
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Penalty under section 271(1)(c) - Bogus professional fees paid by assessee - Quantum appeal filed by Revenue was dismissed -
Issue arose under consideration as to whether Tribunal was right in deleting penalty of Rs. 1,14,42,717 levied by AO under section 271(1)(c) on account of bogus professional fees paid to Mr. S.Held: In the quantum appeal being ITA No. 1056 of 2016, this Court by order had dismissed the appeal filed by Revenue upholding the order passed by Tribunal. Tribunal had deleted the addition made by AO. It might also be stated that penalty was imposed following addition made by AO. Imposition of penalty by AO was interfered in appeal against which the present appeal arose. In view of the fact that quantum appeal by Revenue was dismissed by this Court, the very foundation for sustaining the present appeal did not survive.
REFERRED : CIT-LTU v. Reliance Industries Ltd. 2019 TaxPub(DT) 1418 (Bom-HC) and DCIT (LTU), World Trade Centre, Mumbai v. Reliance Industries Ltd. [ITA No. 6485/Mum/2014, dt. 16-8-2016].
FAVOUR : In assessee's favour.
A.Y. : 2006-07
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