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| The Tax Publishers2020 TaxPub(DT) 2076 (Del-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where penalty under section 271(1)(c) was imposed on account of addition on account of “Short Term Capital Gains” against amount declared under head “Long Term Capital Gainsâ€, considering that Tribunal deleted the addition.
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Penalty under section 271(1)(c) - Validity - Subject addition got deleted by Tribunal in appeal proceedings -
Moot issue involved was as to whether imposition of penalty under section 271(1)(c) was justified when addition based on which penalty was imposed, stood deleted by Tribunal in further appeal. Held: Co-ordinate Bench of Tribunal in case of assessee deleted addition made on account of Short Term Capital Gains. Matter was further remanded back to AO for examination of re-investment of LTCG in new asset. Since quantum addition stood deleted by Tribunal, penalty levied on such income was set aside with liberty to revive the proceedings based on the outcome of the re-investment of Long Term Capital Gains.
Followed:B.R. Associates Pvt. Limited v. ACIT [ITA No. 2003/Del/2013, dt. 30-6-2014]
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 45
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