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TMI Blog2020 (9) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty levied u/s,271(1)(c) amounting to Rs. 8,33,657/- on the disallowance of depreciation on leased assets." 2. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty levied u/s.271(1)(c) amounting to Rs. 24,76,532/- on the disallowance of depreciation on sale and leaseback assets." 3. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty levied u/s.271(1)(c) amounting to Rs. 6,298/- on the disallowance of deduction u/s.80M." 4. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty lev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f penalty are that the erstwhile assessee namely M/s Anagram Finance Limited was assessed u/s 143(3) on 29/03/2000 wherein the assessee was saddled with certain disallowances / additions. Consequently, penalty proceedings were initiated u/s 271(1)(c) and certain penalty was levied vide order dated 31/03/2006, inter-alia, on account of following disallowances / additions:- No. Particulars Amount of Addition (Rs.) 1. Claim of Depreciation 19,38,738/- 2. Sale & Lease back Transaction 57,59,376/- 3. Deduction u/s 80M 14,646/- 4. Premium on redemption of debentures 2,15,50,000/- 5. Expenditure for increase in Authorized Capital 16,69,620/- 6. Expenses u/s 35D 26,50,610/- Upon further appeal, Ld. CIT(A) deleted addition ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isallowance of deduction u/s 80M. We find that penalty on identical issue has been deleted by the Tribunal in the case of ICICI Limited vide ITA No.1112/Mum/2008, order dated 12/04/2017 (para-6). Respectfully following the same, we confirm the deletion of penalty. This ground stand dismissed. 5.4 We find that the addition against item no.4 (premium on redemption of debentures) has already been set aside and restored back to the file of Ld. AO for re-adjudication vide ITA No. 1475/Mum/2005 order dated 22/10/2019 (para nos. 26 to 29). Since the quantum additions, at the moment, do not survive, the penalty would not be sustainable against the same. This ground stand dismissed. 5.5 Item No.5 is related with disallowance of expenditure for inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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