https://www.taxtmi.com/caselaws?id=354683 Penalty under section 271(1)(c) could not be sustained where the quantum additions forming its were deleted in principle for want of corroborative evidence. The Tribunal noted that only a limited re-examination of seized material was permitted to the Assessing Officer for possible cash transactions in the assessee's name, and that such remand did not preserve the earlier penalty basis. The penalty proceedings therefore could not continue on the existing additions, although fresh penalty action could be initiated if new additions arose on re-examination in accordance with law. en-us Mon, 29 Jan 2018 00:00:00 +0530 Fri, 02 Feb 2018 09:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354683 Penalty under section 271(1)(c) could not be sustained where the quantum additions forming its were deleted in principle for want of corroborative evidence. The Tribunal noted that only a limited re-examination of seized material was permitted to the Assessing Officer for possible cash transactions in the assessee's name, and that such remand did not preserve the earlier penalty basis. The penalty proceedings therefore could not continue on the existing additions, although fresh penalty action could be initiated if new additions arose on re-examination in accordance with law. Case-Laws Income Tax Mon, 29 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354683