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TMI Blog2024 (7) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... r is subjudice?" 3. Succinctly, the fact as culled out from the records is that in this case, the assessee filed return of income for A.Y. 2014-15 on 17.11.2014 declaring total income of Rs. 1,42,40,840/-. Assessment u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') was completed on 28.12.2016 assessing total income of Rs. 1,69,76,200/-. Thereafter, the Pr.CIT-2, Jaipur passed order u/s. 263 of the Act on 08.03.2019 setting aside the assessment order directing the assessing officer to verify and examine the claim made by the assessee regarding computation of book profit u/s. 115JB and calculation of MAT and finalize the assessment. Assessment order u/s. 143(3) r.w.s. 263 of the Act was completed on 02.12.2019 determining total income at Rs. 1,69,76,201/- and determining Book Profit at Rs. 3,88,43,584/- Penalty proceedings u/s. 271(1)(c) of the I.T. Act was initiated by the assessing officer for concealment of particulars of income. In response to the penalty notice, the assessee vide its submission dated 28.07.2021 uploaded on ITBA on 29.07.2021 stated that the assessee has not intentionally escaped any income for A.Y 2014-15 and the addition w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsuant to the decision of Hon'ble ITAT, the jurisdictional AO passed the consequential order u/s 254 rws 143(3)/263 of the Act dated 16.06.2023, in which the JAO had determined the income of the appellant at Rs. 1,69,76,200/- as per the original assessment order passed u/s 143(3) of the Act dated 28.12.2016. The copy of consequential order is extracted below for ready reference. x x x x 7.4 In view of the above Hon'ble ITAT decision quashing the order of PCIT-2, Jaipur and consequential Order passed by JAO, the re-assessment order passed u/s 143(3)/263 of the Act dated 02.12.2019 in pursuant to the order of PCIT-02, Jaipur, has become null and void. Further, as seen from the material available on record, the appellant has no pending appeal against the quantum addition made vide order (supra) u/s 143(3) of the Act dated 28.12.2016 and penalty against such aforesaid quantum addition. 7.5 Under the given set of facts and circumstances, I am of the considered opinion that since the addition made vide order u/s 143(3) rws 263 of the Act dated 02.12.2019 has been deleted then the penalty levied on such addition has no basis and have no legs to stand on. Accordingly, the AO is hereb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t order u/s 143(3) of the Income Tax Act, 1961 26.03.2019 08-09 5. Assessment order passed u/s 143(3) of the Income Tax Act, 1961 in consequence to direction of Ld. PCIT u/s 263 of the Income Tax Act, 1961 02.12.2019 16-18 6. Penalty order passed u/s 271(1)(c) in consequence to assessment order u/s 143(3) / 263 of the Income Tax Act, 1961 10.12. 2021 7 Order of Hon'ble Income Tax Appellate Tribunal challenging the order u/s 263 of the Income Tax Act, 1961 dated 08.03.2019 15.03.2023 19-45 8 Order u/s 254 r.w.s 143(3)/263 of the Income Tax Act, 1961 giving effect of Hon'ble ITAT order dated 15.03.2023 16.06.2023 9 Order of Ld. CIT(A) against the Penalty Order passed u/s 271(1)(c) of the Income Tax Act, 1961 dated 10.12.2021 04.12.2023 7. In furtherance to what has been stated in the above chart, the ld. AR of the assessee also supported the order of the ld. CIT(A) by filling the following written submission: "Brief facts of the case are that assessee is a private limited company and in engaged in the business of lease rental and real estate development. Return of Income for the year under consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;ble ITAT, penalty order passed u/s 271(1)(c) loses its very foundation and penalty initiated vide such order also has no basis to stand. In such circumstances, Id. CIT(A) has rightly deleted the penalty, which was initiated vide order passed u/s 143(3) r.w.s.263. In view of above, it is also submitted that since appeal filed by the department (against 263 order) before Hon'ble High Court has not been decided so far, order passed by this Hon'ble ITAT is operative and has been rightly relied upon by ld. CIT(A) while deleting penalty. It is therefore requested that order so passed by ld. CIT(A) deserves to be upheld." 8. To support the contention so raised in the written submission reliance was placed on the following evidence / records / decisions: S. No. PARTICULARS PAGE NOS. 1. Copy of Assessment order passed u/s 143(3) of the IT Act,1961 dated 28.12.2016 01-07 2 Copy of Order u/s 271(1)(c) of the Income Tax Act , 1961 dated 26.03.2019 in consequence to assessment order passed u/s 143(3) dated 28.12.2016 08-09 3. Copy of order u/s 263 of the Income Tax Act, 1961 dated 08.03.2019. 10-15 4. Copy of Assessment order passed u/s 143(3)/263 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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