https://www.taxtmi.com/caselaws?id=247586 The High Court quashed the Income Tax Appellate Tribunal's order on penalty under Section 271(1)(c) of the Income Tax Act for short term capital gains. The Court found that the tribunal failed to address the legal issue raised regarding the impact of the merger on penalty proceedings, deeming it a violation of its duty. Consequently, the High Court remanded the matter back to the tribunal for a decision on the legal issue, directing both parties to present arguments and ensure proper consideration of the merger's implications on the penalty proceedings. en-us Tue, 06 May 2014 00:00:00 +0530 Fri, 20 Feb 2015 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247586 The High Court quashed the Income Tax Appellate Tribunal's order on penalty under Section 271(1)(c) of the Income Tax Act for short term capital gains. The Court found that the tribunal failed to address the legal issue raised regarding the impact of the merger on penalty proceedings, deeming it a violation of its duty. Consequently, the High Court remanded the matter back to the tribunal for a decision on the legal issue, directing both parties to present arguments and ensure proper consideration of the merger's implications on the penalty proceedings. Case-Laws Income Tax Tue, 06 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247586