https://www.taxtmi.com/caselaws?id=755424 The ITAT Jaipur dismissed the revenue's appeal regarding penalty under section 271(1)(c) levied consequent to an assessment order passed under section 143(3) read with section 263. The tribunal held that since the PCIT's order under section 263 was previously quashed by ITAT in a separate appeal, the consequential assessment order became unsustainable. As the assessment order formed the basis for penalty levy, the penalty could not be sustained when its foundation was invalid. en-us Mon, 01 Jul 2024 00:00:00 +0530 Wed, 10 Jul 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755424 The ITAT Jaipur dismissed the revenue's appeal regarding penalty under section 271(1)(c) levied consequent to an assessment order passed under section 143(3) read with section 263. The tribunal held that since the PCIT's order under section 263 was previously quashed by ITAT in a separate appeal, the consequential assessment order became unsustainable. As the assessment order formed the basis for penalty levy, the penalty could not be sustained when its foundation was invalid. Case-Laws Income Tax Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755424