https://www.taxtmi.com/caselaws?id=796009 Penalty for concealment cannot survive where the underlying reassessment and the first appellate quantum order have been quashed. The notes state that reassessment was invalid because it was initiated without due application of mind; consequently, the assessment foundation for the penalty no longer existed. The penalty under Section 271(1)(c) was therefore quashed in favour of the assessee. en-us Mon, 27 Jul 2026 00:00:00 +0530 Thu, 30 Jul 2026 08:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796009 Penalty for concealment cannot survive where the underlying reassessment and the first appellate quantum order have been quashed. The notes state that reassessment was invalid because it was initiated without due application of mind; consequently, the assessment foundation for the penalty no longer existed. The penalty under Section 271(1)(c) was therefore quashed in favour of the assessee. Case-Laws Income Tax Mon, 27 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796009