https://www.taxtmi.com/caselaws?id=283066 The appeal against the deletion of penalty under section 271(1)(c) for AY 2003-04 was dismissed by the ITAT. The ITAT upheld the assessee's application of the netting principle based on legal precedents, which had been accepted in the quantum proceedings. As the penalty was linked to the quantum relief already granted, the ITAT found no basis for the Revenue's appeal and confirmed the deletion of the penalty amounting to Rs. 4,84,75,000. The order was pronounced on November 29, 2018. en-us Thu, 29 Nov 2018 00:00:00 +0530 Thu, 05 Sep 2019 17:26:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283066 The appeal against the deletion of penalty under section 271(1)(c) for AY 2003-04 was dismissed by the ITAT. The ITAT upheld the assessee's application of the netting principle based on legal precedents, which had been accepted in the quantum proceedings. As the penalty was linked to the quantum relief already granted, the ITAT found no basis for the Revenue's appeal and confirmed the deletion of the penalty amounting to Rs. 4,84,75,000. The order was pronounced on November 29, 2018. Case-Laws Income Tax Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283066