Case Law Details
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 relation to penalty imposed under section 158BFA of the Income-tax Act, 1961 (in short ‘the Act’), amounting to Rs.23,45,262/-. The grounds of appeal raised by the assessee are reproduced as under:
1. That the learned Commissioner of Income Tax (Appeals) has grossly erred both in law and on facts in upholding the penalty imposed under section 158 BFA of the Income Tax Act amounting to Rs.23,45,262/- by holding that there was undisclosed income of Rs.38,32, 128/- which on the facts is highly unjust and uncalled for.
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