https://www.taxtmi.com/caselaws?id=25174 The High Court of Patna declined to rule on the correctness of canceling a penalty under section 271(1)(c) of the Income-tax Act, 1961, as the quantum assessment regarding cash credits was still pending. Emphasizing the need to establish the identity of creditors before determining the validity of cash credits, the court directed the matter back to the Tribunal for action post the quantum assessment's completion. Stressing the importance of due process and proper assessment procedures, the court urged the Tribunal to expedite the case's resolution. en-us Wed, 02 Sep 1987 00:00:00 +0530 Mon, 25 Jan 2010 17:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25174 The High Court of Patna declined to rule on the correctness of canceling a penalty under section 271(1)(c) of the Income-tax Act, 1961, as the quantum assessment regarding cash credits was still pending. Emphasizing the need to establish the identity of creditors before determining the validity of cash credits, the court directed the matter back to the Tribunal for action post the quantum assessment's completion. Stressing the importance of due process and proper assessment procedures, the court urged the Tribunal to expedite the case's resolution. Case-Laws Income Tax Wed, 02 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25174