https://www.taxtmi.com/caselaws?id=176345 Penalty under section 271(1)(c) could not survive because it was founded on a quantum addition that had already been set aside and restored to the Assessing Officer for fresh consideration. Once the basis of the penalty no longer subsisted, the Revenue could not sustain the levy at that stage, and the penalty was deleted. The Assessing Officer was, however, left free to consider initiation of penalty proceedings again after the fresh assessment, in accordance with law. en-us Thu, 11 Jul 2013 00:00:00 +0530 Sat, 19 Dec 2015 16:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176345 Penalty under section 271(1)(c) could not survive because it was founded on a quantum addition that had already been set aside and restored to the Assessing Officer for fresh consideration. Once the basis of the penalty no longer subsisted, the Revenue could not sustain the levy at that stage, and the penalty was deleted. The Assessing Officer was, however, left free to consider initiation of penalty proceedings again after the fresh assessment, in accordance with law. Case-Laws Income Tax Thu, 11 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176345