https://www.taxtmi.com/caselaws?id=752451 The Allahabad HC held that penalty notice u/s 271AAC issued based on a protective Assessment Order was premature. The court found that two simultaneous assessment proceedings were initiated against the same transaction, with the petitioner arguing that sections 153A and 153C should apply instead of sections 147 and 148 following search of premises. The HC ruled that no final penalty order should be passed until the pending appeal before CIT is decided, and directed that the petitioner could file a detailed reply to the penalty notice. en-us Tue, 07 May 2024 00:00:00 +0530 Thu, 09 May 2024 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752451 The Allahabad HC held that penalty notice u/s 271AAC issued based on a protective Assessment Order was premature. The court found that two simultaneous assessment proceedings were initiated against the same transaction, with the petitioner arguing that sections 153A and 153C should apply instead of sections 147 and 148 following search of premises. The HC ruled that no final penalty order should be passed until the pending appeal before CIT is decided, and directed that the petitioner could file a detailed reply to the penalty notice. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752451