https://www.taxtmi.com/caselaws?id=401750 The Tribunal allowed the appeal, setting aside the penalty imposed under section 221(1) and directing the Assessing Officer to delete the penalty. The appellant's claim for deduction under section 80P as a cooperative credit society was upheld, emphasizing their entitlement to the deduction. The Tribunal highlighted that the penalty was not sustainable after the quantum appeal resulted in a nil income determination, rendering the penalty order null and void. en-us Tue, 17 Nov 2020 00:00:00 +0530 Wed, 16 Dec 2020 08:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401750 The Tribunal allowed the appeal, setting aside the penalty imposed under section 221(1) and directing the Assessing Officer to delete the penalty. The appellant's claim for deduction under section 80P as a cooperative credit society was upheld, emphasizing their entitlement to the deduction. The Tribunal highlighted that the penalty was not sustainable after the quantum appeal resulted in a nil income determination, rendering the penalty order null and void. Case-Laws Income Tax Tue, 17 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401750