TaxTMI 
TaxTMI 
2021 (2) TMI 613
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.... RAJPAL YADAV, VICE-PRESIDENT Revenue is in appeal before the Tribunal against order of the ld.CIT(A)-2, Ahmedabad dated 24.07.2018 passed for the Asstt.Year 2005-06 under section 271(1)(c) of the Income Tax Act, 1961 by which the ld.CIT(A) has deleted penalty imposed by the Assessing Officer of Rs. 52,32,351/- 2. Brief facts necessary for the adjudication this issue is that the assessee is an i....
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....see from the said company, the ld.AO made an addition of Rs. 79,29,156/- on account of deemed dividend under section 2(22)(e) of the Act. This addition was challenged before the ld.first appellate authority without success. Assessee went in appeal before the ITAT in ITA No.1301/Ahd/2010, and the Tribunal vide order dated 8.5.2013 has set aside order of the CIT(A) and restored the matter to his fil....
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....e Act on the addition of Rs. 79,29,156/-. This penalty was also cancelled by the ld.CIT(A) vide order dated 24.7.2018 by holding that since his predecessor has deleted addition of Rs. 79,29,156/- made by the AO under section 2(22)(e) of the Act, there is no basis for the AO to impose the impugned order. He accordingly, deleted the impugned penalty. The Revenue is now challenging deletion of the im....
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....led by the Revenue was dismissed by the ITAT on the ground that tax effect involved in this appeal was less than Rs. 50 lakhs. Thus the addition for which the assessee is being visited with penalty stands deleted by the ld.CIT(A) and confirmed by the ITAT on the ground that appeal is not maintainable. But one fact is clear that the addition stands deleted by the ld.CIT(A). 6. On due consideration....