https://www.taxtmi.com/caselaws?id=381012 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was annulled as the additions/disallowances forming the basis for the penalty were nullified during the assessment process, following the Tribunal's order in the quantum appeal. Consequently, the Tribunal held that the penalty could not be sustained in the absence of valid grounds. This case underscores the interplay between assessment proceedings and penalty imposition, emphasizing that if issues leading to the penalty are set aside for fresh adjudication, the penalty cannot be upheld. en-us Wed, 29 May 2019 00:00:00 +0530 Sat, 01 Jun 2019 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381012 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was annulled as the additions/disallowances forming the basis for the penalty were nullified during the assessment process, following the Tribunal's order in the quantum appeal. Consequently, the Tribunal held that the penalty could not be sustained in the absence of valid grounds. This case underscores the interplay between assessment proceedings and penalty imposition, emphasizing that if issues leading to the penalty are set aside for fresh adjudication, the penalty cannot be upheld. Case-Laws Income Tax Wed, 29 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381012