https://www.taxtmi.com/caselaws?id=423634 The Appellate Tribunal ITAT Chennai set aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2012-13 on M/s. IRIS Engineering Industries Pvt. Ltd. The Tribunal found the penalty proceedings questionable due to the invalidity of the assessment order, which was revised by the ld. PCIT. Consequently, the penalty appeal was deemed irrelevant, and the matter was remitted back to the Assessing Officer for further action following the revision order. The penalty was ultimately set aside, and the appeal was allowed for statistical purposes. en-us Wed, 08 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 08:27:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423634 The Appellate Tribunal ITAT Chennai set aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2012-13 on M/s. IRIS Engineering Industries Pvt. Ltd. The Tribunal found the penalty proceedings questionable due to the invalidity of the assessment order, which was revised by the ld. PCIT. Consequently, the penalty appeal was deemed irrelevant, and the matter was remitted back to the Assessing Officer for further action following the revision order. The penalty was ultimately set aside, and the appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423634