https://www.taxtmi.com/caselaws?id=217338 The High Court upheld the cancellation of penalties imposed under section 271(1)(c) of the Income-tax Act, following the CIT(A)'s decision that penalty proceedings cannot stand independently when the parent proceedings are not tenable. The ITAT's decision led to the quashing of assessment and penalty proceedings, with the Supreme Court's precedent supporting that penalties cannot be maintained if the assessment is set aside. The appeal was dismissed as the penalty did not survive due to the invalidity of its basis after the assessment was set aside. en-us Fri, 13 Jul 2012 00:00:00 +0530 Thu, 11 Oct 2012 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217338 The High Court upheld the cancellation of penalties imposed under section 271(1)(c) of the Income-tax Act, following the CIT(A)'s decision that penalty proceedings cannot stand independently when the parent proceedings are not tenable. The ITAT's decision led to the quashing of assessment and penalty proceedings, with the Supreme Court's precedent supporting that penalties cannot be maintained if the assessment is set aside. The appeal was dismissed as the penalty did not survive due to the invalidity of its basis after the assessment was set aside. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217338