2017 (12) TMI 645

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....ppeal is filed by the assessee against the order dated 26/09/2014 passed by CIT(A)'s XXV-New Delhi for Assessment Year 2007-08. 2. The present appeal is filed in respect of penalty of Rs. 1,50,000/- by the assessee. 3. The assessment was completed u/s 143(3) of the Income-tax Act, 1961 on 29/12/2009 at an income of Rs. 11,46,378/- on account of bogus cash loan. The penalty proceedings u/s 271(1)....

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....nce the issue in quantum has been restored to the Assessing Officer for fresh adjudication, the penalty is also restored accordingly. Our view in restoring the penalty to the A.O is fortified by the judgment of the Hon'ble Supreme Court in the case of Mohd. Mohatram Farooqui vs. CIT(SC) 2010-TIOL-23-SC-IT in which it has been held that if addition is restored to the A.O, then penalty should al....