Penalty U/s. 271(1)(c) not sustainable on deletion of addition for relevant expenses

Advocate Akhilesh Kumar Sah DCIT Vs Prabhudas Liladhar P. Ltd. (ITAT Mumbai) Prabhudas Liladhar P. Ltd.  Case: Once The Whole Basis Of Addition Itself As Made By The AO In Quantum Has Been Deleted By The Tribunal And Expenses Were Related To The Business Penalty Levied By The AO Under Section 271(1)(c) Deleted Very recently, in DCIT vs. Prabhudas Liladhar P. Ltd. [I.T.A. No. 6479/Mum/2017 A.Y. 2009-10, decided on 16.01.2019], one of the ground of appeal raised by Revenue in the memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called “the Tribunal”) was t...