2012 (3) TMI 422 - AT - Income Tax

Summary

Issues involved: Appeal against cancellation of penalty u/s 271(1)(c) of the IT Act for assessment year 2005-06.

The Appellate Tribunal ITAT DELHI, in the case concerning the cancellation of penalty u/s 271(1)(c) of the IT Act, noted that the concealment penalty was imposed on the assessee due to an addition of Rs. 55 lac related to a property in Delhi. However, the penalty was deleted by the CIT (A) based on the Tribunal's order that had previously annulled the said addition. The Tribunal found no fault with the CIT (A)'s decision to cancel the penalty, considering the deletion of the addition by the Tribunal in earlier proceedings. Consequently, the appeal filed by the revenue was dismissed, affirming the CIT (A)'s order. The judgment was pronounced on 23.03.2012.