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TMI Blog2020 (6) TMI 398X X X X Extracts X X X X X X X X Extracts X X X X ..... rders of the authorities below and cancel the penalty. Appeal of the Assessee is allowed accordingly. - ITA.No.4233/Del./2019 - - - Dated:- 16-2-2020 - Shri Bhavnesh Saini, Judicial Member And Shri Anil Chaturvedi, Accountant Member For the Assessee : Shri Suresh K. Gupta, C.A. For the Revenue : Shri R.K. Gupta, Sr. D.R. ORDER PER BHAVNESH SAINI, J.M. This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-20, New Delhi, Dated 15.03.2019, for the A.Y. 1996-1997, challenging the levy of penalty under section 271(1)(c) of the I.T. Act, 1961. 2. Briefly the facts of the case are that assessment in this case was completed under section 144 of the I.T. Act, 1961 on 27.03.2002 at an income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relied upon Order of ITAT, Delhi A-Bench, Delhi in the case of Shri Lakshya Seth, Delhi vs., ITO, Ward-19(3), New Delhi in ITA.No.852/Del./2016, Dated 16.05.2018 as well as Judgment of Hon ble Delhi High Court in the case of Pr. Commissioner of Income Tax vs., Sahara India Live Insurance Corporation Ltd., Dated 02.08.2019 in ITA.No.475/2019 etc., batch, in which, in paras 21 and 22 the Hon ble Delhi High Court held as under : 21. The Respondent had challenged the upholding of the penalty imposed under Section 271(1) (c) of the Act, which was accepted by the ITAT. It followed the decision of the Karnataka High Court in CIT v. Manjunatha Cotton Ginning Factory 359 ITR 565 (Kar) and observed that the notice issued by the AO would be ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are fortified in our view by the Judgment of the Hon ble Karnataka High Court in the case of Commissioner of Income Tax vs., SSA s Emerald Meadows (2016) 73 taxmann.com 241 (Kar.) which is confirmed by the Hon ble Supreme Court reported in 73 taxmann.com 248 (SC). The issue is also now decided by the Hon ble Delhi High Court in favour of the case in the case of Pr. Commissioner of Income Tax vs., Sahara India Live Insurance Corporation Ltd., Dated 02.08.2019 (supra). Further the A.O. in the assessment order did not record any satisfaction as to for which limb of Section 271 (1)(c) of the I.T. Act the penalty proceedings have been initiated. The A.O. merely mentioned at the bottom of the assessment order after computing the income that pen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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