https://www.taxtmi.com/caselaws?id=416656 The Income Tax Appellate Tribunal (ITAT) remitted the penalty issue back to the Commissioner of Income Tax (Appeals) (CIT(A)) for reconsideration after quantum proceedings were restored to the CIT(A) for fresh decision. Following a Supreme Court judgment, the ITAT overturned the CIT(A)'s decision to cancel the penalty of Rs. 60,00,000 imposed under section 271(1)(c) for AY 2011-12, directing a fresh decision after resolving the quantum issue. The Revenue's appeal was allowed for statistical purposes. en-us Fri, 10 Dec 2021 00:00:00 +0530 Mon, 03 Jan 2022 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416656 The Income Tax Appellate Tribunal (ITAT) remitted the penalty issue back to the Commissioner of Income Tax (Appeals) (CIT(A)) for reconsideration after quantum proceedings were restored to the CIT(A) for fresh decision. Following a Supreme Court judgment, the ITAT overturned the CIT(A)'s decision to cancel the penalty of Rs. 60,00,000 imposed under section 271(1)(c) for AY 2011-12, directing a fresh decision after resolving the quantum issue. The Revenue's appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 10 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416656