Levy of Penalty under the Income Tax Act, 1961

Last updated: 09 July 2021

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The Income Tax Appellate Tribunal (ITAT) Delhi has allowed appeals filed by M/s. Sardar Exhibitors Pvt. Ltd. concerning penalties levied under Section 271(1)(c) of the Income Tax Act, 1961. The penalties were imposed based on an addition related to income from house property. However, a coordinate bench of the ITAT had previously reversed this addition. Consequently, the tribunal found that the penalty orders had no basis and directed their deletion, allowing the assessee's appeals.

Court :
ITAT Delhi

Brief :
These are two appeals filed by M/s. Sardar Exhibitors Pvt. Ltd., New Delhi, for Assessment Years 1997-98 and 1998-99 against the combined order of the ld. Commissioner of Income Tax (Appeals)–31, New Delhi, dated 31.07.2017 wherein the appeals filed by the assessee against the order of penalty under Section 271(1)(c) of the Income Tax Act, 1961 (the Act) passed by the ACIT, Circle 7(1), New Delhi, dated 11.03.2015 wherein penalty under Section 271(1)(c) of the Act was levied of Rs.2,83,800/- and Rs.2,31,000/- for respective years was confirmed. Therefore, assessee is aggrieved by confirmation of these two penalty orders by the ld. CIT (Appeals).

Citation :
ITA 6162/DEL/2017

Daily Limit Reached