https://www.taxtmi.com/caselaws?id=410282 The Tribunal quashed the penalty imposed under section 271(1)(c) as the additions made by the Assessing Officer were deleted in quantum proceedings. Despite the conscious withdrawal of the appeal before the Ld. CIT (A), the Tribunal held that the penalty should have been canceled due to the lack of a legal basis. Emphasizing substantial justice, the Tribunal allowed the appeals, deleting the penalties in all relevant assessment years. This case underscores the necessity of aligning penalty proceedings with substantive tax determinations and rectifying errors to uphold fairness for taxpayers. en-us Thu, 08 Jul 2021 00:00:00 +0530 Thu, 29 Jul 2021 10:51:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410282 The Tribunal quashed the penalty imposed under section 271(1)(c) as the additions made by the Assessing Officer were deleted in quantum proceedings. Despite the conscious withdrawal of the appeal before the Ld. CIT (A), the Tribunal held that the penalty should have been canceled due to the lack of a legal basis. Emphasizing substantial justice, the Tribunal allowed the appeals, deleting the penalties in all relevant assessment years. This case underscores the necessity of aligning penalty proceedings with substantive tax determinations and rectifying errors to uphold fairness for taxpayers. Case-Laws Income Tax Thu, 08 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410282