The AO levied the penalty u\/s \u00a0271(1)( c) of the Act , as the quantum addition is affirmed by the Tribunal . CIT(A) affirmed the order of the AO. On appeal before the Tribunal , the assessee filed \u00a0an additional grounds and \u00a0raised the two additional legal grounds , ie. the penalty was levied without specifying the charge and since the substantial question of law has been admitted by the Honourable High Court against quantum additions hence , \u00a0the penalty cannot be levied .The Honourable Tribunal admitted the \u00a0additional legal grounds and deleted the penalty on both the grounds . Honourable Tribunal relied on \u00a0Mohd. Farhan A.Shaik v. Dy.CIT (2021) 434 ITR 1 (FB) ( (Bom)( HC). The Honourable Tribunal also held that the r in the case of Veena Estate P. Ltd\u00a0 v .CIT(2024) 461 ITR 483 ( Bom)( HC) has not decided on merits , the decision is merely an interim order and peculiar facts of the case , which has no binding effect on other assesses , relied on State of Assam v. Barak Upatyaka D.U. Karmacahri Sanstha ( CA No. 6492 of 2002 decided on 17 -3 2009 )(SC) . On admission of substantial question of law the Tribunal relied on CIT v. Nayan Builders and Developers ( 2014) 368 ITR 722 ( Bom)( HC) \u00a0, CIT v. Advaita Estate Development Pvt Ltd (2017) 98 CCH 97( Bom)( HC ) \u00a0.Penalty is deleted . \u00a0\u00a0( ITA No. 6584 \/ 6585\/6586 \/Mum\/ 2011 dt .13-12 -2024)(AY. 2002 -03 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c) : Penalty \u2013 Concealment -Additional legal ground is admitted -Not specifying the charge \u2013 Levy of penalty is not valid \u2013 Substantial question of law is admitted before High Court \u2013 Penalty cannot be levied- The decision in Veena Estate P.Ltd v. CIT( 2024) 464 ITR 483 ( Bom)( HC) is distinguished . [ S. 68, 69, 260A, 274 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-49691","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cVt","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=49691"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49691\/revisions"}],"predecessor-version":[{"id":49692,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49691\/revisions\/49692"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}