https://www.taxtmi.com/caselaws?id=420445 The Tribunal allowed the appeal, setting aside the penalty orders imposed by the Assessing Officer and confirmed by the First Appellate Authority. The decision was based on the principle that when the basis for initiating penalty proceedings is undermined by subsequent favorable verdicts for the assessee, the penalty cannot be upheld. en-us Thu, 31 Mar 2022 00:00:00 +0530 Sat, 02 Apr 2022 08:35:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420445 The Tribunal allowed the appeal, setting aside the penalty orders imposed by the Assessing Officer and confirmed by the First Appellate Authority. The decision was based on the principle that when the basis for initiating penalty proceedings is undermined by subsequent favorable verdicts for the assessee, the penalty cannot be upheld. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420445