https://www.taxtmi.com/caselaws?id=403927 The penalty under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2008-09 was challenged in this case. The Tribunal ruled in favor of the assessee, holding that since the quantum addition forming the basis of the penalty had been deleted and finalized, the penalty of Rs. 6,09,970/- could not be upheld. The lower authorities' orders were reversed, directing the Assessing Officer to delete the penalty imposed. The appeal of the assessee was allowed by the Appellate Tribunal ITAT DELHI. en-us Wed, 03 Feb 2021 00:00:00 +0530 Thu, 11 Feb 2021 06:29:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403927 The penalty under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2008-09 was challenged in this case. The Tribunal ruled in favor of the assessee, holding that since the quantum addition forming the basis of the penalty had been deleted and finalized, the penalty of Rs. 6,09,970/- could not be upheld. The lower authorities' orders were reversed, directing the Assessing Officer to delete the penalty imposed. The appeal of the assessee was allowed by the Appellate Tribunal ITAT DELHI. Case-Laws Income Tax Wed, 03 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403927