2023 (6) TMI 507

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....Selvamani ORDER Per B.R.Baskaran (AM) :- The assessee has filed this appeal challenging the order dated 23.11.2022 passed by Ld CIT(A)-53, Mumbai and it relates to the assessment year 2014-15. This appeal relates to the penalty levied u/s 271(1)(c) of the Act. 2. At the outset, the Ld A.R submitted that the assessee underwent insolvency resolution process and the National Company Law T....

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....assessee had initially claimed the deduction of premium payable on ZCB on pro-rata basis spread over the period of bonds. Subsequently, the assessee claimed entire premium amount as deduction during the year under consideration following the ratio of decision rendered by Hon'ble Supreme Court in the case of Taparia Tools Ltd (55 taxmann.com 361) (SC). However the said claim has been disallowed by ....

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....tted that the Ld CIT(A) has already allowed the appeal filed by the assessee against the penalty order holding the same as infructuous. The Ld CIT(A) has allowed the appeal by observing that the "appeal of the assessee is dismissed, being infructuous". He submitted that the grievance of the assessee seems to be that the Ld CIT(A) should have mentioned as "appeal is allowed". He submitted that the ....

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....hat the Ld CIT(A) has not dealt with the issue on merits. 6. Before us, the Ld A.R argued on merits also. The Ld D.R, on the contrary, submitted that there cannot be any grievance to the assessee as the demand has already been extinguished in the order passed NCLT. We agree with the submissions made by Ld D.R. When the demand raised u/s 271(1)(c) of the Act has already been extinguished by the ....