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Assessee has raised the ground that the ld. CIT(A) erred in law as well as on the facts of thecasein confirming the order of AO dated 03.03.2017 imposing penalty u/s 271(1)(c) of the Act of Rs. 2,00,000/-. The penalty so imposed, being totally contrary to the provisions of law and facts, hence the same kindly be deleted in full.

Shanti Prime Publication Pvt. Ltd.

Sec. 271(1)(c) of Income Tax Act, 1961— Penalty — Tribunal has restored the income as declared in the return of income in view of the clear finding of the Tribunal where the AO is directed to restrict the addition to the extent of profit on undisclosed sales, at the same time, where the very basis of levy of penalty, being the quantum addition, has been restricted by the Tribunal in the quantum proceedings, the consequent levy of penalty u/s 271(1)(c) shall also be required to be computed on the said amount as against the addition made by the AO. - RAJENDRA KUMAR GOYAL V/s ITO - [2020] 28 ITCD Online 025 (ITAT-JAIPUR)