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)