https://www.taxtmi.com/caselaws?id=409963 The Tribunal quashed the reassessment proceedings, resulting in a nil tax demand for the assessees for AY 2007-08. Consequently, the penalty under section 221(1) of the Income-tax Act was canceled as there was no pending tax liability. The Tribunal ruled that the penalties imposed on the assessees should be quashed, subject to the finality of its orders. If the revenue challenges the Tribunal's decision, the fate of the penalties would depend on the appeal outcome. The assessees' appeals were allowed by the Tribunal, granting them the liberty to pursue their cases according to the law. en-us Tue, 20 Jul 2021 00:00:00 +0530 Wed, 21 Jul 2021 10:08:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409963 The Tribunal quashed the reassessment proceedings, resulting in a nil tax demand for the assessees for AY 2007-08. Consequently, the penalty under section 221(1) of the Income-tax Act was canceled as there was no pending tax liability. The Tribunal ruled that the penalties imposed on the assessees should be quashed, subject to the finality of its orders. If the revenue challenges the Tribunal's decision, the fate of the penalties would depend on the appeal outcome. The assessees' appeals were allowed by the Tribunal, granting them the liberty to pursue their cases according to the law. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409963