https://www.taxtmi.com/caselaws?id=470261 Penalty for failure to furnish a tax-audit report cannot survive once the reassessment proceedings that formed its basis are quashed. The penalty arose after exemption was denied and the assessee was treated as a business concern subject to tax-audit requirements. As the reassessment and consequential assessment were later quashed in the quantum proceedings, the basis for that characterisation and the resulting penalty no longer existed. The penalties were therefore unsustainable and quashed. en-us Tue, 18 Mar 2025 00:00:00 +0530 Tue, 21 Jul 2026 19:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470261 Penalty for failure to furnish a tax-audit report cannot survive once the reassessment proceedings that formed its basis are quashed. The penalty arose after exemption was denied and the assessee was treated as a business concern subject to tax-audit requirements. As the reassessment and consequential assessment were later quashed in the quantum proceedings, the basis for that characterisation and the resulting penalty no longer existed. The penalties were therefore unsustainable and quashed. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470261