No Section 271(1)(c) penalty if Quantum Addition Is deleted: ITAT Cuttack

DCIT Vs ARSS Developers Limited (ITAT Cuttack) In the case of DCIT Vs ARSS Developers Limited, the Income Tax Appellate Tribunal (ITAT) Cuttack upheld the decision of the Commissioner of Income Tax (Appeals) (CIT(A)) to delete a penalty of ₹3,08,11,278 levied under Section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The revenue had filed an appeal challenging the CIT(A)’s ruling, arguing that the deci-sion was erroneous and that the CIT(A) failed to consider an ongoing appeal before the Orissa High Court regarding the quantum of addition related to the case. Howeve...