https://www.taxtmi.com/caselaws?id=458027 Penalty under section 271(1)(c) could not survive where the underlying addition had already been deleted in appellate proceedings. The Tribunal noted that the gross profit addition, which formed the basis of part of the penalty, no longer existed after the first appellate authority's finding, and the Revenue produced no material to show that this deletion had been reversed or disturbed. On that basis, the penalty relating to the deleted addition was unsustainable, while only the surviving disallowance continued to support any penalty exposure. en-us Fri, 17 Jun 2022 00:00:00 +0530 Thu, 03 Oct 2024 20:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458027 Penalty under section 271(1)(c) could not survive where the underlying addition had already been deleted in appellate proceedings. The Tribunal noted that the gross profit addition, which formed the basis of part of the penalty, no longer existed after the first appellate authority's finding, and the Revenue produced no material to show that this deletion had been reversed or disturbed. On that basis, the penalty relating to the deleted addition was unsustainable, while only the surviving disallowance continued to support any penalty exposure. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458027