No Penalty u/s 271(1)(c) when Quantum and Enhancement by CIT(A)-Deleted in Quantum Appeal

Sanjay Duggal Vs ACIT (ITAT Delhi) Victory for Sanjay Duggal as ITAT Delhi quashes assessments under 153A, nullifying penalties. Learn why the penalty orders couldn’t survive. Decided in favor of the assessee. The assesse was subject to assessment u/s 153A of the Act and additions u/s 68 were made. The first appellate authority ie Ld CIT(A) further made the enhancements along with initiated the penalty proceedings. Penalty @ 125% of the tax sought to be evaded have been levied. The Hon’ble ITAT Delhi deleted all the additions for want of valid approval u/s 153D of the Act. However,...