2021 (5) TMI 756

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..... GARH] therefore, the addition on the basis of which the penalty u/s. 271(1)(c) of the Act was levied by the A.O. is not in existence, therefore, penalty u/s. 271(1)(c) of the Act levied by the A.O. was rightly deleted by the Ld. CIT(A). Also see KC BUILDERS AND ANOTHER VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX [ 2004 (1) TMI 7 - SUPREME COURT] - Decided against revenue. - ITA No. 289/Chd/202 .....

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..... tion has been treated as a capital asset within the meaning of section 2(14) of the Act penalty has been levied on the quantum addition made as long term capital gain. 3. It is prayed that the order of the CIT(A) be set aside and that of the A.O. restored. 4. The Appellant craves leave to add any other ground of appeal which may arise at the time of hearing. 2. During the course of .....

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..... e submissions of both the parties and perused the material available on record. In the present case, it is noticed that the quantum addition on the basis on which, the impugned penalty was levied by the A.O. has been deleted by the ITAT Chandigarh Bench vide order dated 11/12/2019 passed in ITA No. 652/Chd/2017 for the A.Y. 2008-09, therefore, the addition on the basis of which the penalty u/s. 27 .....

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