2018 (2) TMI 2004

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....cial Member Department by: Mr.Sailendra Mamidi, CIT Assessee by: Mr.Saroj Kumar Parida, Adv. ORDER PER BENCH:  ITA No.2443/Chny/2017 is an appeal filed by the Revenue against the Order of the Commissioner of Income Tax (Appeals)-4, Chennai, in ITA No.66/2016-17/AY 2009-10/CIT(A)-4 dated 11.07.2017 for the AY 2009-10 against the cancellation of penalty levied u/s.271(1)(c) and I....

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....earing that the quantum appeals in the case of the assessee for the AYs 2009-10 & 201011 had been disposed off by the Co-ordinate Bench of this Tribunal in ITA Nos.1345 & 1401/Mds/2016 dated 07.06.2017, wherein, in Para No.6.7 at Page Nos.28 & 29 of the Order, the Co-ordinate Bench of this Tribunal has held as follows: 6.7 In the instant case, the assessee has created a trust which was re....

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....espectfully following the decision of the Coordinate Bench of Bangalore and Hon'ble Karnataka High court Supra we hold that the assessee's Trust is a determinate trust and the appeal of the assessee is on this issue is allowed. 5. It was a submission that as the issue has been held in favour of the assessee and as the Ld.CIT(A) deleted the penalty on account of the findings of the Tribunal in t....

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.... the assessee, the Tribunal has given a categorical finding that the assessee is a determinate trust. Further, the Tribunal has restored the issue in respect of the correct income that is liable to be taxed to the file of the AO. This being so, it is noticed that the issues on which the penalty has been levied, no more survive. Consequently, we find no error in the order of the Ld.CIT(A) which cal....