https://www.taxtmi.com/caselaws?id=397378 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to restrict the penalty amount to match the reduced addition made in the quantum proceedings. As the penalty was imposed based on the now-deleted addition, the Tribunal held that the penalty should be reduced accordingly. The Tribunal dismissed other arguments and directed the deletion of the remaining penalty amount, partially in favor of the assessee. en-us Tue, 11 Aug 2020 00:00:00 +0530 Mon, 17 Aug 2020 11:25:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397378 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to restrict the penalty amount to match the reduced addition made in the quantum proceedings. As the penalty was imposed based on the now-deleted addition, the Tribunal held that the penalty should be reduced accordingly. The Tribunal dismissed other arguments and directed the deletion of the remaining penalty amount, partially in favor of the assessee. Case-Laws Income Tax Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397378