https://www.taxtmi.com/caselaws?id=777052 ITAT held the penalty under section 271(1)(c) must be deleted because the corresponding quantum addition under section 68 (unexplained cash credits) was already deleted in the assessee's related appeal; therefore no basis remains for the penalty. The tribunal applied higher-court precedent to conclude that once the substantive addition is removed, the consequential penalty cannot stand, and allowed the assessee's appeal. en-us Tue, 07 Jan 2025 00:00:00 +0530 Mon, 18 Aug 2025 18:34:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777052 ITAT held the penalty under section 271(1)(c) must be deleted because the corresponding quantum addition under section 68 (unexplained cash credits) was already deleted in the assessee's related appeal; therefore no basis remains for the penalty. The tribunal applied higher-court precedent to conclude that once the substantive addition is removed, the consequential penalty cannot stand, and allowed the assessee's appeal. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777052