2018 (11) TMI 1685

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..... ng remains. Therefore, penalty imposed by the Revenue is deleted. - Decided in favour of assessee - ITA No.563/Ahd/2017 - - - Dated:- 29-11-2018 - SHRI MAHAVIR PRASAD, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER For the Appellant : O.P. Sharma, CIT (DR) For the Respondent : P.M. Mehta with G.M. Thakor, AR ORDER PER .....

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..... senior counsel first of all takes us to page 24 in paper book. His case is that the assessee had shown investment amount in balance sheet of ₹ 4,90,26,84,859/- as on 31.03.2003. He then refers to assessee s P L account creating provision for the impugned diminution amounting to ₹ 13.85crores. This follows page 31(Schedule IV) indicating the assessee to have arrived at the above investm .....

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..... e case laws including HCL Commet (supra). We thus accept assessee s former substantive ground. 4. Since the ITAT has given relief to the appellant in quantum proceedings, now nothing remains. Therefore, penalty imposed by the Revenue is deleted. 5. In the result, appeal filed by the Revenue is dismissed. Order pronounced in the open Court on this 29th day of November, .....

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