Penalty U/s. 158BFA(2) not leviable when Assessment U/s. 158BC itself is Quashed

Sh. Ravinder Taneja Vs ACIT (ITAT Delhi) As assessment under section 158BC itself has been quashed, thus, the penalty levied in respect of the income assessed under said assessment order cannot survive. Accordingly, we set aside the order of the lower authorities and cancel the penalty levied under section 158BFA(2) of the Act. FULL TEXT OF THE ITAT JUDGMENT This appeal by the assessee is directed against order dated 05/03/2015 passed by the Ld. Commissioner of Income-tax (Appeals)-29, New Delhi, [in short ‘the Ld. CIT(A)’] for the block period from 01/04/1995 to 22/08/200 1 in rel...