https://www.taxtmi.com/caselaws?id=763241 ITAT Ahmedabad dismissed Revenue's appeal challenging penalty deletion under sections 271AAB(1A) and 271AAB. The assessee faced penalty proceedings following quantum addition disputes. CIT(A) had deleted proportionate penalty after ITAT modified the assessment order. ITAT held that under section 275(1A), AO must revise penalty orders based on appellate decisions within six months after providing reasonable hearing opportunity. Since Revenue failed to demonstrate any stay order from Gujarat HC on the tribunal's decision, and CIT(A) correctly followed coordinate bench precedent in deleting proportionate penalty corresponding to deleted additions, the appeal lacked merit and was dismissed. en-us Fri, 13 Dec 2024 00:00:00 +0530 Mon, 16 Dec 2024 08:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763241 ITAT Ahmedabad dismissed Revenue's appeal challenging penalty deletion under sections 271AAB(1A) and 271AAB. The assessee faced penalty proceedings following quantum addition disputes. CIT(A) had deleted proportionate penalty after ITAT modified the assessment order. ITAT held that under section 275(1A), AO must revise penalty orders based on appellate decisions within six months after providing reasonable hearing opportunity. Since Revenue failed to demonstrate any stay order from Gujarat HC on the tribunal's decision, and CIT(A) correctly followed coordinate bench precedent in deleting proportionate penalty corresponding to deleted additions, the appeal lacked merit and was dismissed. Case-Laws Income Tax Fri, 13 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763241