https://www.taxtmi.com/caselaws?id=441610 The appeal filed by the Revenue against the deletion of penalty under Section 271(1)(c) of the Income Tax Act was dismissed by the Tribunal. The Tribunal emphasized that without fresh material for reassessment and considering the legal principle that penalty imposition requires a valid basis, the penalty was deemed untenable. The Cross Objection by the assessee, supporting the Ld. CIT(A)'s order, was also dismissed as infructuous. en-us Wed, 09 Aug 2023 00:00:00 +0530 Fri, 11 Aug 2023 13:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441610 The appeal filed by the Revenue against the deletion of penalty under Section 271(1)(c) of the Income Tax Act was dismissed by the Tribunal. The Tribunal emphasized that without fresh material for reassessment and considering the legal principle that penalty imposition requires a valid basis, the penalty was deemed untenable. The Cross Objection by the assessee, supporting the Ld. CIT(A)'s order, was also dismissed as infructuous. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441610