https://www.taxtmi.com/caselaws?id=406742 Penalty under section 271(1)(c) could not be sustained where it rested entirely on a quantum addition relating to exemption under section 54G, and that addition had already been deleted in quantum proceedings and confirmed in further appeal. With the foundation for the penalty gone, the Revenue could not maintain the penalty independently. The Tribunal therefore held the penalty unsustainable and the Revenue's challenge failed. en-us Fri, 09 Apr 2021 00:00:00 +0530 Thu, 22 Apr 2021 08:49:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406742 Penalty under section 271(1)(c) could not be sustained where it rested entirely on a quantum addition relating to exemption under section 54G, and that addition had already been deleted in quantum proceedings and confirmed in further appeal. With the foundation for the penalty gone, the Revenue could not maintain the penalty independently. The Tribunal therefore held the penalty unsustainable and the Revenue's challenge failed. Case-Laws Income Tax Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406742