https://www.taxtmi.com/caselaws?id=176916 The Tribunal allowed the taxpayer's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04. The Tribunal held that since the basis for the penalty ceased to exist when related quantum additions were disapproved and remitted for reconsideration, the penalty of Rs. 1,51,28,982 should be deleted. The Tribunal emphasized that penalty proceedings could be initiated again based on a separate assessment even if quantum additions were confirmed later. en-us Wed, 06 Jan 2010 00:00:00 +0530 Thu, 31 Dec 2015 11:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176916 The Tribunal allowed the taxpayer's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04. The Tribunal held that since the basis for the penalty ceased to exist when related quantum additions were disapproved and remitted for reconsideration, the penalty of Rs. 1,51,28,982 should be deleted. The Tribunal emphasized that penalty proceedings could be initiated again based on a separate assessment even if quantum additions were confirmed later. Case-Laws Income Tax Wed, 06 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176916