https://www.taxtmi.com/caselaws?id=470929 Penalty for under-reporting of income cannot survive where the additions forming its basis have been deleted in the corresponding quantum proceedings. Additions relating to differences in the capital account and sundry creditors were deleted for the same assessment year, eliminating the factual foundation for the penalty. The penalty was therefore unsustainable and liable to be cancelled. en-us Thu, 27 Mar 2025 00:00:00 +0530 Fri, 14 Aug 2026 07:13:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470929 Penalty for under-reporting of income cannot survive where the additions forming its basis have been deleted in the corresponding quantum proceedings. Additions relating to differences in the capital account and sundry creditors were deleted for the same assessment year, eliminating the factual foundation for the penalty. The penalty was therefore unsustainable and liable to be cancelled. Case-Laws Income Tax Thu, 27 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470929