https://www.taxtmi.com/caselaws?id=466560 Whether a penalty under Section 271(1)(c) can be sustained when the underlying assessment additions are set aside: the tribunal reasoned that penalty liability was founded on additions arising from denial of exemptions under Section 10(46) and Section 10(23C)(iv), and those quantum additions were remitted for fresh adjudication. Because the foundational findings supporting imposition of the penalty have been vacated and returned for rehearing, the legal basis for the penalty no longer subsists; the penalty cannot be sustained and the matter is restored to the assessing officer for fresh determination with an opportunity to the assessee to be heard. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 12 Feb 2026 19:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466560 Whether a penalty under Section 271(1)(c) can be sustained when the underlying assessment additions are set aside: the tribunal reasoned that penalty liability was founded on additions arising from denial of exemptions under Section 10(46) and Section 10(23C)(iv), and those quantum additions were remitted for fresh adjudication. Because the foundational findings supporting imposition of the penalty have been vacated and returned for rehearing, the legal basis for the penalty no longer subsists; the penalty cannot be sustained and the matter is restored to the assessing officer for fresh determination with an opportunity to the assessee to be heard. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466560