2014 (3) TMI 186

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....dvocates ORDER (Per : Honourable Mr. Justice Akil Kureshi) Heard both the sides for final disposal of the appeal. Revenue has challenged judgment of the Income Tax Appellate Tribunal, Rajkot {"Tribunal" for short} raising following question for our consideration : "Whether the ITAT is justified in law and in fact in cancelling the penalty levied u/s. 271(1)(c) of the Act inspite of the fa....

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....er should have levied a penalty on that particular amount of addition/disallowance so sustained. In the impugned order of the learned CIT [A] as admitted by the Karta [HUF], at the time of hearing before us, the learned DR could not point out that in quantum proceedings, after giving appeal effect to the order of the appellate authority, the income of the assessee in the assessment order is taxabl....