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TMI Blog2018 (12) TMI 1994X X X X Extracts X X X X X X X X Extracts X X X X ..... g of inaccurate particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of the assessee. Penalty in the present case was imposed qua disallowance in respect of future and option loss. This issue has been set aside by the Tribunal in the appeal of the assessee in [ 2016 (9) TMI 918 - ITAT AHMEDABAD] to the file of the ld. AO for fresh adjudication. Therefore, since set aside proceedings qua addition on which impugned penalty has been imposed, is pending before the Assessing Officer, penalty at this stage is not sustainable. Assessee appeal allowed. - Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member For the Revenue : Shri Ranjan Kumar Singh, SR. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss of Rs. 77,64,387/- the ld. AO initiated penalty under section 271(1)(c) of the Act, which resulted in imposition of penalty of Rs. 26,39,116/-. Assessee challenged imposition of penalty before the ld. CIT(A). The ld. CIT(A) while deleting the penalty has recorded that penalty imposed in relation to addition account of STCG and LTCG have been deleted and disallowance of future and option loss of Rs. 77,64,387/- has been set aside by the Tribunal to the file of Assessing Officer for fresh adjudication. Therefore, the ld. CIT(A) held that since no addition was subsisting, penalty could not be sustained. He accordingly deleted the impugned penalty, which is now in challenge by the Revenue before the Tribunal by way of present appeal. 4. Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of the assessee. Penalty in the present case was imposed qua disallowance in respect of future and option loss of Rs. 77,64,387/-. This issue has been set aside by the Tribunal in the appeal of the assessee in ITA No. 2564/Ahd/2012 vide order dated 11.8.2016 to the file of the ld. AO for fresh adjudication. Therefore, since set aside proceedings qua addition on which impugned penalty has been imposed, is pending before the Assessing Officer, penalty at this stage is not sustainable. The ld. CIT(A) has considered the issue after taking into consideration the order of the Tribunal dated 11.8.2016 and cancelled the penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X
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