2021 (2) TMI 613

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.... Aseem L. Thakkar, AR ORDER PER 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 adjudicatio....

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.... loans and advances received by the assessee 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 ....

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..... 52,32,351/- under section 271(1)(c) of the 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 Re....

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....inst this order of the ld.CIT(A), the appeal filed 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 del....