Section 271(1)(c) penalty not leviable after deletion of Addition to Income

Advertisement Prajatantra Prachar Samity Vs DCIT (ITAT Cuttack) It is noticed that the Co-ordinate Bench of this Tribunal has already deleted the additions made in the quantum assessments on the basis of which penalty has been levied u/s.271(1)(c) of the Act for all the three assessment years, we are of the view that the penalty has no more legs to stand. Consequently, we cancel the penalty levied u/s.271(1)(c) of the Act by the AO and confirmed by the ld CIT (A) for the impugned assessment years. FULL TEXT OF THE ORDER OF ITAT CUTTACK These are appeals filed by the assessee against the co...