2018 (2) TMI 301

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tum of penalty deleted by the ld. CIT(A). The Grounds raised for the assessment year 2005-06 as under:- " Whether on the facts and in the circumstances of the case and in law the Ld. CIT(A) has erred in deleting the penalty u/s 271(1)(c) of the I.T. Act, 1961 amounting to Rs. 1,40,000/- without considering the facts as mentioned by the AO in the assessment order while the Revenue has filed appeal before the Hon'ble Court." The appellant craves the right to amend alter or add to any of the grounds of appeal given above." 2. There was search and seizure action u/s 132 of the Act on 22.09.2010 in case of Shree Ram Group, Jaipur to which the assessee belongs. The assessee disclosed and surrendered income which was offered t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d that the issues involved in the Revenues appeals is entirely different and separately from the issue involved in the assessee's appeal which is required to be decided on merits whereas the revenue's appeals are against the deletion of penalty on account of relief granted by the Tribunal in the quantum appeals. Both the parties have also agreed that the issue raised by the assessee in its appeal is not common or connected with the issue raised by the Revenue in these appeals. The ld. DR sought time to argue the appeals filed by the assessee. Accordingly, we find that the finding and decision in the appeals filed by the Revenue shall have no bearing on the issue involved in the assessee's appeal. Hence, we granted time to the ld. DR for arg....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....00/- 2011-12 271(1)(c) 27.03.2017 Rs. 51,500/- These penalty levied by the AO are composite amounts against two additions in the income of the assessee, one is made by the AO which was deleted by the Tribunal and another is made which was surrendered and offered to tax by the assessee. The ld. CIT(A) deleted the penalty levied by the AO in respect of the additions made by the AO while passing the assessment u/s 153A and 153B r.w.s. 143(3) of the Income Tax. We further note that the Revenue has not disputed the fact that the Tribunal has deleted the additions made by the AO and consequently the penalty levied by the Assessing to the extent of addition deleted by the Tribunal is not sustainable. Hence, we do not find any error ....