ITAT upholds CIT(A)’s decision to delete Rs.3,08,11,278 penalty u/s 271(1)(c) as Quantum of Addition No Longer Exists [Read Order]

The CIT(A) deleted the penalty because the ITAT had previously annulled the quantum addition in its order dated 23.12.2021.
By Sneha Sukumaran Mullakkal - On October 6, 2024 4:32 pm - 2 mins read
Tax penalty deleted - Cuttack ITAT - ITAT appeal - Taxscan

The Cuttack Bench of Income Tax Appellate Tribunal(ITAT) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]’s decision to delete the Rs.3,08,11,278 penalty levied under section 271(1)(c) for the Assessment Year(AY) 2014-15, as the underlying quantum addition no longer existed.The revenue filed an appeal against the CIT(A),order dated 25.6.2024, in which deleted the penalty of Rs.3,08,11,278 levied under…

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