https://www.taxtmi.com/caselaws?id=352376 The tribunal allowed the appeal against a penalty of 1,50,000 imposed on the assessee for concealing income and filing inaccurate particulars. Citing legal precedents, including a Supreme Court case and a High Court decision, the tribunal remitted the penalty issue back to the Assessing Officer for fresh adjudication in conjunction with the quantum appeal. The decision emphasized that when the quantum assessment is remanded, the penalty assessment should also be reconsidered. As a result, the penalty was set aside for reassessment, ensuring a fair resolution in accordance with established legal principles. en-us Thu, 14 Sep 2017 00:00:00 +0530 Wed, 13 Dec 2017 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352376 The tribunal allowed the appeal against a penalty of 1,50,000 imposed on the assessee for concealing income and filing inaccurate particulars. Citing legal precedents, including a Supreme Court case and a High Court decision, the tribunal remitted the penalty issue back to the Assessing Officer for fresh adjudication in conjunction with the quantum appeal. The decision emphasized that when the quantum assessment is remanded, the penalty assessment should also be reconsidered. As a result, the penalty was set aside for reassessment, ensuring a fair resolution in accordance with established legal principles. Case-Laws Income Tax Thu, 14 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352376