https://www.taxtmi.com/caselaws?id=252487 The High Court determined that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not valid as the assessment order was protective, not substantive. The court emphasized that penalty proceedings cannot be based on protective assessments and cited relevant precedents. The court ruled in favor of the assessee, setting aside the penalty imposed by the tribunal. en-us Mon, 23 Jun 2014 00:00:00 +0530 Mon, 27 Oct 2014 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252487 The High Court determined that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not valid as the assessment order was protective, not substantive. The court emphasized that penalty proceedings cannot be based on protective assessments and cited relevant precedents. The court ruled in favor of the assessee, setting aside the penalty imposed by the tribunal. Case-Laws Income Tax Mon, 23 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252487