2024 (11) TMI 1200

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.... Meel, Sr.DR ORDER PER SANDEEP SINGH KARHAIL, J.M. The assessee has filed the present appeal challenging the impugned order dated 28/11/2022, passed under section 250 of the Income Tax Act, 1961 ("the Act") by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi ["learned CIT(A)"], for the assessment year 2017-18. 2. In this appeal, the assessee has ....

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....(Appeal), NFAC, overlooked the fact that the original addition of Rs. 20,00,000/- made u/s 69A r.w.s. 115BBE of the Income Tax Act, 1961, has been deleted in the reassessment proceedings, leaving no grounds for levying penalty under section 271AAC(1)." 3. The solitary grievance of the assessee, in the present appeal, is against the levy of penalty under section 271AAC(1) of the Act. 4. We ha....

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....mply with the notices issued by the Assessing Officer ("AO"). Accordingly, vide order passed under section 144 of the Act, the AO concluded the assessment on best judgment on the basis of document/information available on record and made an addition of Rs. 20 lakh to the total income of the assessee at a special rate under section 115BBE of the Act. In further appeal, the learned CIT(A) dismissed ....

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....rieved, the assessee is in appeal before us. 6. We are of the considered opinion that since in the quantum appeal, the co-ordinate bench of the Tribunal has already restored the matter to the file of the AO for de novo assessment, the penalty levied under section 271AAC(1) of the Act, at this stage, does not survive and therefore, is set aside. During the hearing, the learned AR also placed on ....