https://www.taxtmi.com/caselaws?id=259526 The Tribunal deleted the first enhancement and restored the remaining three enhancements for fresh adjudication, concluding that no penalty could be sustained on the deleted enhancement. It was determined that the penalty could only be considered by the Assessing Officer after finalizing the fresh assessment, aligning with legal precedents. The decision was supported by the Supreme Court and the High Court judgments, emphasizing the need to remand the penalty issue to the AO along with the quantum assessment. The penalty imposition was set aside, and the matter was remitted for the AO to determine the penalty post fresh assessment. en-us Wed, 08 Apr 2015 00:00:00 +0530 Mon, 11 May 2015 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259526 The Tribunal deleted the first enhancement and restored the remaining three enhancements for fresh adjudication, concluding that no penalty could be sustained on the deleted enhancement. It was determined that the penalty could only be considered by the Assessing Officer after finalizing the fresh assessment, aligning with legal precedents. The decision was supported by the Supreme Court and the High Court judgments, emphasizing the need to remand the penalty issue to the AO along with the quantum assessment. The penalty imposition was set aside, and the matter was remitted for the AO to determine the penalty post fresh assessment. Case-Laws Income Tax Wed, 08 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259526