Addl. CIT, Special Range-7, New Delhi V. Punjab National Bank, New Delhi

ITA 5655/DEL/2019

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 0746 (ITAT-DELHI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-08-2022
• Appeal Filed By: Department
• Order Result: DismissedDismissed
• Bench Allotted: F
• Next Hearing Date: 23-08-2022
• Assessment Year: 2013-2014
• Appeal Filed On: 27-01-2023
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K SAMPTAH
• Section: 271(1)(c); 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F” DELHI BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.A. No.5655/DEL/2019 Assessment Years 2013-14 Addl. CIT, Special Range-7, New Delhi. v. Punjab National Bank, 1 st Floor, A Wing, Coporate Office, Plot No.4, Sector-10, Dwarka, New Delhi. TAN/PAN: AAACP0165G (Appellant) (Respondent) Appellant by: Shri K Samptah Adv Shri V. Rajakumar Adv Respondent by: Ms. Sapna Bhatia, CIT-DR Date of hearing: 24 08 2022 Date of pronouncement: 31 08 2021 O R D E R PER PRADIP KUMAR KEDIA, A.M.: The captioned appeal has been filed by the Revenue against the order of the Commission of Income Tax (Appeals)-VII, New Delhi [‘CIT(A) ’ in short] dated 03.04.2019 arising fro m the assessment order dated 17.03.2016 passed by the Assessing Officer ( AO) under Section 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2013-14. 2. As per its grounds of appeal, the Revenue has challenged the imposition of penalty of Rs. 7,41,71,078/- imposed by the Assessing Officer u/s. 271(1)(c) of the Act. I.T.A. No.5655/DEL/2019 2 3. When the matter was called for hearing in the captioned Revenue’s appeal, the ld. counsel for the assessee at the outset submitted that the quantum addition stands deleted by the Co-ordinate Bench of the Tribunal in ITA No.5773/Del/2015 order dated 28.08.2019 and thus the basis for imposing penalty has faded into oblivion and has ceased to exist. 4. Having regard to the assertion made on behalf of the assessee and in the light of the order of the Co-ordinate Bench in quantum proceedings the edifice for imposing penalty has clearly ceased to exist. Hence, the penalty imposed in question does not survive any more. Accordingly, the penalty imposed in question stands deleted. 3. In the result, the appeal of the Revenue is dismissed. Order pronounced in the open Court on 31.08.2021. Sd/- Sd/- . [CHANDRA MOHAN GARG] [PRADIP KUMAR KEDIA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 31.08.2021 Prabhat