https://www.taxtmi.com/caselaws?id=268576 The Tribunal allowed the appellant's appeal, quashing the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the additions leading to the penalty were set aside in a previous order, rendering the penalty unsustainable. It directed the Assessing Officer to reevaluate the situation and decide on penalty proceedings afresh. The Tribunal emphasized that the appellant was not given a fair opportunity to present its case and highlighted that penalties under the Act are based on additions to income, which were no longer valid. Consequently, the penalty was deemed not sustainable in this case. en-us Wed, 26 Aug 2015 00:00:00 +0530 Fri, 27 Nov 2015 23:52:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268576 The Tribunal allowed the appellant's appeal, quashing the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the additions leading to the penalty were set aside in a previous order, rendering the penalty unsustainable. It directed the Assessing Officer to reevaluate the situation and decide on penalty proceedings afresh. The Tribunal emphasized that the appellant was not given a fair opportunity to present its case and highlighted that penalties under the Act are based on additions to income, which were no longer valid. Consequently, the penalty was deemed not sustainable in this case. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268576