Penalty Deleted After ITAT Quashes Quantum Addition

ACIT Vs Lionbridge Technologies LLP (ITAT Mumbai) Penalty u/s 271(1)(c) Deleted After Quantum Addition Was Quashed—Revenue Appeal Dismissed; No Basis to Keep Penalty Alive Assessment was reopened u/s 147 & completed u/s 143(3) r.w.s 147 on 29.03.2016 determining income at ₹20.64 Cr. Assessee succeeded before ITAT (in ITA No.610/Mum/2018 dated 27.05.2020), & quantum addition was deleted in full. Consequentially, AO levied 100% penalty u/s 271(1)(c) of ₹6,92,76,334/- on 31.03.2019. CIT(A) deleted the penalty relying on the ITAT’s quantum order, holding that once quantum does not ...