Chirag Uddin Vs ITO (ITAT Agra)
ITAT Agra held that matter of levying penalty u/s. 271(1)(c) of the Income Tax Act restored back to file of AO since Tribunal restored matter of addition towards unexplained cash deposit for quantification.
Facts- The present appeal is filed by assessee against order passed by learned Commissioner of Income-tax(Appeals), NFAC, Delhi confirming the penalty levied by the AO of Rs. 2,06,000/- u/s 271(1)(c) of the Income-tax Act, 1961, which appeal before ld. CIT(A) in turn has arisen from the penalty order dated 25.05.2018 passed by Assessing Officer u/s. 271(1)(c) of the Income-tax Act, 1961 levying penalty of Rs. 2,06,000/- against the assessee.
Conclusion- Held that since the Tribunal has restored the quantum additions back to the file of the AO to denovo frame reassessment in quantum, it will be fair and appropriate that this matter relating to levying of penalty u/s 271(1)(c) be also restored back to the file of Assessing Officer for fresh determination of issue of levying penalty u/s. 271(1)(c) of the Act, after deciding the quantum additions after considering the contentions raised by the assessee as well additional evidences filed by the assessee. Needless to say that the AO shall provide proper opportunity to both the parties. I clarify that I have not commented on the merits of the issues arising in the appeal. The appeal of the assessee is allowed for statistical purposes. I order accordingly.
