2011 (10) TMI 649

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... PER A.L.Gehlot, Accountant Member:- This is an appeal by the Revenue. The assessment involved in this appeal is 1998-99. The appeal is instituted against the order of the CIT(A)-XIV, Ahmedabad, dated 28-12-2005. This appeal arises out of the penalty order u/s 271(1)(c) of the Income-tax Act, 1961. Ground reproduced as under:-  "1. The ld. CIT(A) has erred in law and on facts in reducing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n other income of Rs. 96,78,575/-" The Ld. CIT(Appeals) partly allowed the assessee's appeal upholding the penalty addition in respect of addition of Rs. 1,42,06,989/- and cancelled the penalty on other additions. The Revenue is in appeal against cancellation of penalty by the Ld. CIT(A). 3. We have heard the Ld. Representative of the parties. We notice that in quantum matter the assessee prefer .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 74 (SC). Following the above judgment of the Hon'ble apex court we find that penalty for disallowance of deduction u/s 80IA is not sustainable. In the light of above discussion, we do not find any infirmity in the order of Ld. CIT(Appeals) in respect of cancellation of penalty for which the Revenue is in appeal, the order of the Ld. CIT(Appeals) to that extent is confirmed. 5. In the result, Rev .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X