2022 (4) TMI 613

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iled by the Revenue against the order dated 04.01.2021 passed by the Commissioner of Income Tax (Appeals)-47, Mumbai (hereinafter referred to as ['CIT(A)'] in appeal [CIT(A)-47/10025/17-18] deleting the penalty levied by the Assessing Officer (AO) under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. Revenue has raised the following grounds....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Ld. Authorised Representative for the Assessee submitted that since the Tribunal has allowed the appeal of the Assessee by holding that the re-assessment proceedings initiated under Section 147/148 of the Act are void void-ab-initio, levy of penalty cannot be sustained. 4. We have considered the rival submission and perused the copy of the aforesaid order, dated 28.08.2020, placed on record. T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the case, discussed above, it can be safely concluded that the AO has passed the original assessment order after taking into consideration each and every details furnished by the assessee in response to the notice issued or query raised by him during the course of assessment proceedings. It can further be concluded that the AO had no tangible material for forming the belief that the income of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ome of the assessee had escaped assessment. Similarly, in the case of State Bank of India v ACIT (supra), the Hon'ble Bombay High Court had granted interim stay to the appellant holding that no notice u/s. 148 read with Section 147 can be issued which is based on change of opinion. Hence, respectfully following the ratio laid down by the Hon'ble Supreme Court and the Hon'ble High Court....