Penalty not leviable if quantum appeal allowed by Tribunal

Cushman & Wakefield Property Management Services India Pvt. Ltd.,Vs DCIT (ITAT Delhi) We have heard both the parties and perused the relevant material available on record. It is pertinent to note that the quantum appeal has been allowed by the Tribunal. Thus, the addition, on which penalty has been imposed by the Revenue does not survive. Therefore, present penalty appeal of the assessee is allowed. FULL TEXT OF THE ITAT JUDGEMENT This appeal is filed by the assessee against the order dated 07.10.2016 passed by the CIT(A)-35, New Delhi for the assessment year 2010-11. 2. The grounds of ap...