https://www.taxtmi.com/caselaws?id=373483 The Tribunal allowed the appeal of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that since no incriminating material was discovered during the search and the time limit for issuing a notice under section 143(2) had lapsed, the penalty was deemed unsustainable. Emphasizing the independence of quantum and penalty proceedings, the Tribunal concluded that the penalty was not justified based on legal principles and case law interpretations, providing relief to the assessee. en-us Fri, 11 Jan 2019 00:00:00 +0530 Mon, 14 Jan 2019 07:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373483 The Tribunal allowed the appeal of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that since no incriminating material was discovered during the search and the time limit for issuing a notice under section 143(2) had lapsed, the penalty was deemed unsustainable. Emphasizing the independence of quantum and penalty proceedings, the Tribunal concluded that the penalty was not justified based on legal principles and case law interpretations, providing relief to the assessee. Case-Laws Income Tax Fri, 11 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373483