https://www.taxtmi.com/caselaws?id=413610 The Tribunal set aside the penalty imposition under section 271(1)(c) of the Income Tax Act, remitting the matter back to the Commissioner of Income Tax (Appeals) for reconsideration following the Tribunal's decision to refer the quantum enhancement back for fresh assessment. The Tribunal emphasized the requirement for a finalized quantum addition before proceeding with penalty computation, stressing the importance of adherence to proper assessment procedures and a clear basis for penalty imposition. Consequently, the Tribunal allowed the assessee's appeal for statistical purposes, leaving the decision on penalty proceedings to the discretion of the CIT(A) post-quantum addition determination. en-us Tue, 05 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 09:06:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413610 The Tribunal set aside the penalty imposition under section 271(1)(c) of the Income Tax Act, remitting the matter back to the Commissioner of Income Tax (Appeals) for reconsideration following the Tribunal's decision to refer the quantum enhancement back for fresh assessment. The Tribunal emphasized the requirement for a finalized quantum addition before proceeding with penalty computation, stressing the importance of adherence to proper assessment procedures and a clear basis for penalty imposition. Consequently, the Tribunal allowed the assessee's appeal for statistical purposes, leaving the decision on penalty proceedings to the discretion of the CIT(A) post-quantum addition determination. Case-Laws Income Tax Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413610