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TMI Blog2023 (8) TMI 443X X X X Extracts X X X X X X X X Extracts X X X X ..... missions of both the parties, and the order of the ITAT [ 2021 (11) TMI 1163 - ITAT AHMEDABAD] [having deleted the additions on which penalty was levied u/s 271(1)(c) of the Act for both the assessment years, there remains no basis for levy of penalty. Decided in favour of assessee. - Smt. Annapurna Gupta, Accountant Member And Smt. Madhumita Roy, Judicial Member, Judicial Member For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und raised in ITA No. 237/Ahd/2022 for Asst. Year 2012-13 as under: i) On the facts and in the circumstances of the case and in law, the ld.CIT(A) has erred in deleting the penalty levied by the AO under section 271(1)(c) of Rs. 2,97,76,790/- based on technical grounds taken by the assessee without appreciating and discussing the merits of the case deleted the entire quantum additions and also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been imposed by the AO was on account of substantive addition of Rs. 9,63,65,000/-made in respect of unexplained investment in purchase of land in Kotali. This addition was challenged by the assessee before the ITAT. During the pendency of proceedings before the ITAT, the AO initiated penalty proceedings under section 271(1)(c) of the Act and imposed the impugned penalty. The assessee again ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order reads as under: 8. Thus, it is clear that Hon ble ITAT has deleted the entire additions made by the AO with respect to the quantum appeal based on legal grounds taken by the appellant before it. Once the quantum additions are deleted, the penalty levied has no legs to stand on. Hence, the AO is directed to delete the penalty of Rs. 2,97,76,790/- under section 271(1)(c) of the Act. Groun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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