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TMI Blog2019 (7) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of the assessee pertaining to Assessment Year 2009-10 and is directed against the order of Ld. Commissioner of Income Tax(Appeals)-I (in short 'CIT(A)'), Indore dated 01.06.2018 which is arising out of the order u/s 271(1)(c) of the Income Tax Act 1961(In short the 'Act') dated 30.03.2016 framed by ITO, Dhar. 2. Brief facts of the case as culled out from the records are that the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal before the Ld. CIT(A) did not bring any relief. Now the assessee is in appeal before the Tribunal. 3. Ld. Counsel for the assessee requested for deleting the penalty by submitting that the assessee was of genuine belief that the amount of Rs. 2,00,000/- received from General Electoral Trust was exempt from tax and this amount has already been spent and nothing is left with the assessee. L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der a belief that the said amount is not taxable since it was already been spent during the election process. However during the course of assessment proceedings initiated by issuance of notice u/s 148 of the Act and the assessee agreed to include the said amount as income. Now whether the Ld. A.O was justified in leving penalty u/s 271(1)(c) of the Act on the amount received from General Electort ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iable to be quashed. We accordingly allow the legal issue raised by the assessee and delete the penalty of Rs. 50,000/- levied u/s 271(1)(c) of the Act. 7. Since we have already quashed the penalty of Rs. 50,000/- levied u/s 271(1)(c) on legal ground, adjudication of issue on merits becomes merely academic and thus infructuous. 8. In the result the appeal of the assessee is allowed. The order p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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