https://www.taxtmi.com/caselaws?id=220972 The Tribunal dismissed the revenue's appeal against the CIT(A)'s order regarding the disallowance under section 14A of the Income Tax Act. The Tribunal held that the CIT(A)'s order became inoperative once the matter was referred back to the Assessing Officer for re-computation. Regarding the penalty imposed under section 271(1)(c) of the Act, the Tribunal set aside the CIT(A)'s order and remitted the matter to the AO for a fresh decision on the penalty, aligning with the Supreme Court's principle that penalty should correspond to the quantum computation. The revenue's appeal against the penalty was allowed for statistical purposes. en-us Wed, 30 Jan 2013 00:00:00 +0530 Fri, 15 Feb 2013 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220972 The Tribunal dismissed the revenue's appeal against the CIT(A)'s order regarding the disallowance under section 14A of the Income Tax Act. The Tribunal held that the CIT(A)'s order became inoperative once the matter was referred back to the Assessing Officer for re-computation. Regarding the penalty imposed under section 271(1)(c) of the Act, the Tribunal set aside the CIT(A)'s order and remitted the matter to the AO for a fresh decision on the penalty, aligning with the Supreme Court's principle that penalty should correspond to the quantum computation. The revenue's appeal against the penalty was allowed for statistical purposes. Case-Laws Income Tax Wed, 30 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220972