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TMI Blog2022 (10) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of penalty imposed on the assessee? - HELD THAT:- This issue was considered and answered by the Hon ble Supreme Court in the case of K.C. Builders Anr. vs. Assistant Commissioner of Income Tax [ 2004 (1) TMI 7 - SUPREME COURT] wherein the Hon ble Supreme Court held that where additions made in the assessment order on the basis of which penalty for concealment was levied, are deleted, there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Justice T.S. Sivagnanam And Hon ble Justice Hiranmay Bhattacharyya For the appellant : Mr. Prithu Dudhoria, Adv. For the Respondent : Mr. Pratyush Jhunjhunwalla, Adv. ORDER The Court : We have heard Mr. Prithu Dudhoria, learned standing Counsel appearing for the appellant/revenue and Mr. Pratyush Jhunjhunwalla, learned Counsel for the respondent/assessee. There is a del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estions of law for consideration :- i) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal is right in law and fact in cancelling the penalty levied under section 271(1)(c) of the Income Tax Act, 1961 ? ii) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal is right in law and fact in holding that the notices under section 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the case of K.C. Builders Anr. vs. Assistant Commissioner of Income Tax, (2004) 265 ITR 562, wherein the Hon ble Supreme Court held that where additions made in the assessment order on the basis of which penalty for concealment was levied, are deleted, there remains no basis at all for levying the penalty for concealment and therefore in such a case no penalty can survive and the same is li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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