https://www.taxtmi.com/caselaws?id=793603 Penalty under section 271AAC(1) cannot be sustained where the substantive addition under section 69A is deleted in revision under section 264 and the assessed income is given effect as nil. Once the foundation for the penalty disappears, the levy has no surviving basis in law. The revisional deletion of the addition therefore renders the penalty order unsustainable, and relief follows to the assessee. en-us Wed, 17 Jun 2026 00:00:00 +0530 Thu, 18 Jun 2026 14:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793603 Penalty under section 271AAC(1) cannot be sustained where the substantive addition under section 69A is deleted in revision under section 264 and the assessed income is given effect as nil. Once the foundation for the penalty disappears, the levy has no surviving basis in law. The revisional deletion of the addition therefore renders the penalty order unsustainable, and relief follows to the assessee. Case-Laws Income Tax Wed, 17 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793603