2019 (3) TMI 744

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.... VIKAS AWASTHY, JM : This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-1, Aurangabad dated 14-09-2016 confirming levy of penalty u/s. 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for the assessment year 2005-06. 2. Shri Vijay R. Jaju appearing on behalf of the assessee submitted that the Commissioner of Income Ta....

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.... Assessing Officer had levied penalty u/s. 271(1)(c) vide order dated 05-09-2013 in respect of addition of Rs. 9,08,000/- on account of difference in sale consideration. In First Appeal against the said addition, the Commissioner of Income Tax (Appeals) deleted the addition on merits and allowed the appeal of assessee. Since, the substratum for levy of penalty has eroded, the penalty does not surv....