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TMI Blog2017 (5) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 53,09,654/- and a short term capital loss of Rs. 3,043/- and also claimed deductions u/s 80C & 80G of the Act amounting to Rs. 1 lakh and Rs. 6,000/- respectively. AO added back an amount of Rs. 14,19,432/- as undisclosed investment in mutual funds, failed to give the benefit the tax deducted at source in respect of perquisites to a tune of Rs. 3,36,423/- and added Rs. 1,06,000/- disallowing the claim of the assessee for deduction u/s 80C and 80G of the Act. AO also initiated penalty proceedings and by way of order dated 24.09.2014 he imposed a penalty of Rs. 5,75,313/-. 3. Appeals preferred against the assessment and penalty orders were dismissed by the Ld. CIT (A)-XXI, New Delhi by way of order dated 11.11.2016. 4. Aggrieved by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o fresh investment to a tune of Rs. 14,19,432/- but it was only the reinvestment of the same funds which was invested earlier. 6. So also in respect of denial of TDS amounting to Rs. 1,04,863/- in respect of perquisites to a tune of Rs. 3,36,423/- is concerned. Ld. Counsel submits that it was reflected in Form No. 26AS and the fresh Forms 16A issued by the Company. He produced such evidence vide page nos. 12, 13 & 17 to 22 of the Paper Book. He submitted that in respect of the claim for deduction u/s 80C & G also sufficient evidence is produced but the Ld. CIT (A) failed to appreciate the same property. 7. It is the argument of the Ld. DR that all these facts need verification at the end of the AO and since the assessee failed to submit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and proper to set aside the matter to the file of the AO for consideration of the matter afresh in the light of the documents now produced or that will be produced before the AO. Since, we are setting aside the matter relating to the quantum additions to the file of the AO, the penalty proceedings do not survive and they shall follow a fresh consideration of the matter by the AO. Needless to say, the AO will consider the matter afresh by giving an opportunity of being heard to the assessee and producing the documents if any.
10. With this view of the matter, we dismiss both the stay petitions and allow ITA Nos. 1979 & 1981/Del/2017 for statistical purposes.
Order pronounced in the open court on 21.04.2017. X X X X Extracts X X X X X X X X Extracts X X X X
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