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TMI Blog2021 (2) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has raised the following grounds of appeal:- 1. On the facts and circumstances of the case, the order passed by the Learned Commissioner of Income Tax (Appeals) (CIT(A)) is bad both in the eyes of law and on facts. 2. On the facts and circumstance of the case, the Learned CIT(A) has erred both on facts and in laws in confirming the action of the AO levying penalty amounting to Rs. 6,09,970/- u/s. 271(1)(c) of the Income-tax Act. 3. On the facts and circumstance of the case, the Learned CIT(A) has erred both on facts and in laws in confirming penalty on the additions of Rs. 19,74,026/- made on account of bogus purchases in the order passed under section 143(3)/147 of the Income-tax Act. 4. On the facts and circumstances o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the penalty despite the fact that there is neither concealment nor furnishing the inaccurate particulars by the assessee. 10. The appellant craves leave to add, amend, or alter any of the grounds of appeal. " 3. The facts of the case shows that assessee filed its return of income on 26.09.2008 at an income of Rs. 1,56,005/-. Later on the case of the assessee was reopened on the basis of the information wherein the assessee was found to be benefited for a sum of Rs. 19,74,026/-. Consequently assessment order under Section 147 read with Section 143(3) of the Act was passed on 18th March, 2016 wherein the addition of Rs. 19,74, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the co-ordinate bench and further the appeal against the order of the co-ordinate bench cannot be preferred by the Revenue in view of low tax effect, the deletion of the quantum addition is confirmed and, therefore, the penalty also now cannot be sustained. 6. The ld. DR was also confronted with the fact that when the addition has itself been deleted and now has become final, penalty cannot be sustained, he relied upon the order of the lower authorities. 7. We have carefully considered the rival contentions and perused the orders of the lower authorities. In this case the quantum addition made by the ld. Assessing Officer on which the penalty has been levied has already been deleted by the Tribunal, which has now become final we ar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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