https://www.taxtmi.com/caselaws?id=771309 ITAT Raipur quashed penalty imposed under section 271(1)(c) after quantum additions were deleted in assessment proceedings. The tribunal held that penalty cannot survive when the underlying quantum addition forming its basis has been deleted through quashing of assessment. Following precedents from R. Dalmia, Cosmopolitan Trading Corporation, and CIT vs. Prakash Industries Ltd., the tribunal ruled that deletion of entire addition in quantum appeal eliminates grounds for sustaining penalty. The penalty imposed by AO and upheld by CIT(Appeals)/NFAC was quashed, and assessee's appeal was allowed. en-us Tue, 20 May 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771309 ITAT Raipur quashed penalty imposed under section 271(1)(c) after quantum additions were deleted in assessment proceedings. The tribunal held that penalty cannot survive when the underlying quantum addition forming its basis has been deleted through quashing of assessment. Following precedents from R. Dalmia, Cosmopolitan Trading Corporation, and CIT vs. Prakash Industries Ltd., the tribunal ruled that deletion of entire addition in quantum appeal eliminates grounds for sustaining penalty. The penalty imposed by AO and upheld by CIT(Appeals)/NFAC was quashed, and assessee's appeal was allowed. Case-Laws Income Tax Tue, 20 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771309