Levy of penalty u/s.271(1)(c) of the Income Tax Act, 1961

Last updated: 14 August 2021
Quick Summary
The Income Tax Appellate Tribunal has allowed two appeals filed by Bhushan Steel concerning penalties levied under Section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the quantum additions, which formed the basis for these penalties, had already been deleted by a previous ruling. Consequently, both appeals were allowed.

Court :
ITAT Delhi

Brief :
ITA No. 4648/Del/2018 and 4649/Del/2018 the captioned two appeals are by the assessee preferred against the order .

Citation :
ITA No.4648 & 4649/Del/2018

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH ‘A’, NEW DELHI
BEFORE SH. N. K. BILLAIYA, ACCOUNTANT MEMBER
AND
SH. K.NARASIMHA CHARY, JUDICIAL MEMBER
(THROUGH VIDEO CONFERENCING)
ITA No.4648 & 4649/Del/2018
Assessment Year: 2009-10 & 2010-11

Bhushan Steel
Hyatt Regency Complex,
Bhikaji Cama Place, New
Delhi
PAN No. AAACB1247M

(APPELLANT)

vs

ACIT
Central Circle-3
New Delhi

(RESPONDENT)

Appellant by Sh. Ashwani Kumar, CA
Sh. Rahul Chaurasia, CA
Sh. Bhavnesh Jindal, CA
Respondent by Sh. Satpal Gulati, CIT DR
Date of hearing: 28/07/2021
Date of Pronouncement: 28/07/2021
ORDER

ITA No. 4648/Del/2018 and 4649/Del/2018 the captioned two appeals are by the assessee preferred against the order.

2.  Since common grievance is involved in both these appeals they were heard together and are disposed of by this common order for the sake of convenience and brevity.

3.At the very outset, the counsel for the assessee pointed out that the quantum additions on the basis of which the impugned penalties have been levied in the captioned assessment years have been deleted by the Tribunal.

4.We find force in the contention of the counsel the coordinate Bench in its judgment (supra) has deleted the quantum additions.

5.In the result, both the appeals filed by the assessee are allowed .
Decision announced in the open court in the presence of both the representatives on 28.07.2021.

Please find attached the enclosed file for the full judgement

FAQ :

The judgement discusses penalties under Section 271(1)(c) of the Income Tax Act, 1961.

The appeals were filed by the assessee, Bhushan Steel.

The penalties were levied on the basis of quantum additions made in the assessment years.

Both appeals filed by the assessee were allowed by the Income Tax Appellate Tribunal.

The appeals were allowed because the quantum additions, on which the penalties were based, had already been deleted by the Tribunal.

 
Comments


Recent Judgments :

  1. CESTAT Sets Aside ₹60 Crore Service Tax Demand: Best-Judgment Assessment Cannot Be Based on Guesswork
  2. CESTAT: Excess Service Tax Paid by Mistake Is a Deposit — Refund Not Barred by Section 11B Limitation
  3. CESTAT Denies Service Tax Exemption on Rent to Educational Institution for Lack of Evidence
  4. CESTAT Upholds Customs Duty Demand on Undervaluation of Imported Goods Based on Chinese Customs Documents
  5. IGST Paid Under a Wrong Head to be Adjusted Against CGST/SGST Liability Before Any Recovery of Tax Interest or Penalty
  6. Assessee entitled to fresh opportunity of hearing where adjudicating authority ignored reply filed to DRC-01A intimation
  7. Typographical Error in the SCN Cannot Be a Shield for the Assessee Who Participated in the Proceedings Without Raising Any Objection
  8. Penalty on partners under Section 122(1A) of the CGST Act upheld where complicity in fake invoicing and hawala-linked ITC fraud stands established
  9. Forest Development Tax Demand, Collection and Refund Subject to Final Outcome of Pending Cases
  10. SC : Extended Limitation Cannot Be Invoked Where Department Was Aware of Valuation Facts

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member xavierxavierPro Member Suman Lata SaraswatSuman Lata SaraswatPro Member 63801770366380177036Pro Member RAVINDRA KUMARRAVINDRA KUMARPro Member kishor waktekishor wakte
Subscribe to Pro
Join an elite circle of professionals

Browse by Category