9911796707
TMI Blog2022 (12) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... I, A.M. This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-1, New Delhi, dated 27.08.2018 in Appeal No.05/17-18 relating to the A.Y. 2011-2012. 2. The relevant facts as culled from the material on records are as under : 2.1 Assessee is a company working as an Indenting Agents & Exporters. Assessee electronically filed its return of income for A.Y. 2011-12 on 26.09.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on land to Rs. 10,75,606/- as against the claim of Rs. 1,17,51,405/- disallowed by A.O. and on the issue of income from house property shown as income from other sources, granted relief to the extent of Rs. 3,95,010/-. On the additions aggregating to Rs. 18,98,981/- that were upheld by the Ld. CIT(A), the A.O. vide penalty order passed u/s. 271(1)(c) dated 23.03.2017, levied penalty u/s. 271(1)(c) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 order dated 11.10.2022 while deciding the issue for A.Y. 2015-16 has deleted the penalty. He placed on record the copy of the aforesaid order. He therefore submitted that in view of the aforesaid decision by the Tribunal in assessee's own case on identical facts, the penalty levied by A.O. and upheld by the Ld. CIT(A) be deleted. 5. The Ld. D.R. on the other hand supported the order of lower a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts, penalty was upheld by the Ld. CIT(A) in the earlier year also. 4. After careful considering the facts of the case and perusing the records, we find that the assessee has relied upon the decision of the Hon'ble Supreme Court in the case of CIT vs Reliance Petro Products (P.) Ltd. The same is applicable fully on the facts of this case where, it was held that denial of claim of the assessee can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been set aside/overruled/stayed by higher judicial forum. In such a situation, we following the order of the coordinate bench in assessee's own case for A.Y 2015-16 and for similar reasons, hold that no penalty u/s. 271(1)(c) of the Act, is leviable in the present case. Thus the ground of assessee is allowed. 8. In the result, appeal of the assessee is allowed. Order pronounced on 26th day o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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