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Remit the matter of penalty issue back to the file of Assessing Officer to adjudicate in view of the quantum matter already in front of him as per law and after providing reasonable opportunity of hearing to the assessee.

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Sec. 271(1)(c) of Income Tax act, 1961— Penalty —Since quantum addition on bogus purchases has been remitted back to the file of Assessing Officer for re-adjudication, similarly penalty issue should also be restored back to the file of Assessing Officer in the interest of justice.

Facts: The crux of the grievance of the assessee is with regard to the imposition of penalty u/s.271(1)(c) by the Assessing Officer and as confirmed by the Ld. CIT(Appeals).

Held, that since quantum addition on bogus purchases has been remitted back to the file of Assessing Officer for re-adjudication, similarly penalty issue should also be restored back to the file of Assessing Officer in the interest of justice. - ANANT ENTERPRISES V/s ADDI. CIT - [2020] 26 ITCD Online 102 (ITAT-PUNE)