Assistant Commissioner of Income Tax Circle-3(1)(1), Ahmedabad Vs Rajkamal Builders Infrastructure Pvt. Ltd.
Parties Involved
Facts Summary
The Assistant Commissioner of Income Tax Circle-3(1)(1), Ahmedabad filed two appeals against the orders passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, cancelling the Penalty levied under section 271(1)(c) of the Income Tax Act, 1961 relating to the Assessment Years 2015-16 & 2016-17. The Commissioner of Income Tax (Appeals) had deleted the penalty based on the decision rendered by the Co-ordinate Bench of the Tribunal in ITA No. 2201/Ahd/2018 & others, which has attained finality. The assessee submitted that the quantum appeals for the above Assessment Years 2015-16 & 2016-17 were deleted by the Co-ordinate Bench vide common order dated 13-05-2022 in ITA Nos. 2201/Ahd/2018 & Others.…
Decision in favour of
Revenue
Legal Issues
- 1. The Ld.CIT(A) has erred in law and on facts in deleting the Penalty u/s 271(1)(c) of IT Act of Rs.1,72,57,400/- on quantum additions i.e. Set off of losses of Rs.49,21,774/ while claiming deduction u/s. 80IA and disallowance of claim of deduction u/s. 80IA of Rs. 4,82,31,111/?
Judgment Outcome
Decided in favour of Revenue.
Precedents Relied Upon
2 precedents cited in this judgement.
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