https://www.taxtmi.com/caselaws?id=777071 ITAT PATNA - AT held that penalty under s.271(1)(c) must be deleted because the foundational addition under s.69A failed: following the SC decision that bitumen is not a "valuable article" for s.69A and the assessee was not the "owner" of the bitumen (being a carriage contractor), the statutory basis for the penalty vanished. Consequently the penalty levied under s.271(1)(c) was directed to be deleted and the Revenue's appeal was dismissed. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777071 ITAT PATNA - AT held that penalty under s.271(1)(c) must be deleted because the foundational addition under s.69A failed: following the SC decision that bitumen is not a "valuable article" for s.69A and the assessee was not the "owner" of the bitumen (being a carriage contractor), the statutory basis for the penalty vanished. Consequently the penalty levied under s.271(1)(c) was directed to be deleted and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777071