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| The Tax Publishers2020 TaxPub(DT) 3990 (Mum-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where quantum addition was already deleted, the penalty against the same would not survive and hence, the penalty levied under section 271(1)(c) was liable to be deleted.
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Penalty under section 271(1)(c) - Leviability - Quantum addition being deleted -
AO made disallowance of depreciation on sale and leaseback assets. Consequently, penalty was levied under section 271(1)(c).Held: It was found that quantum addition against disallowance of depreciation on sale and leaseback assets was deleted by Tribunal. Since the quantum addition had already been deleted, the penalty against the same would not survive. Hence, the penalty levied under section 271(1)(c) was deleted.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 1997-98
INCOME TAX ACT, 1961
Section 271(1)(c)
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