https://www.taxtmi.com/caselaws?id=799425 Penalty for an alleged contravention of the cash-receipt restrictions cannot survive where the underlying reassessment has been annulled and the corresponding addition deleted. The penalty was founded on the cash-transaction allegation in the quantum assessment and was consequential to the validity of that assessment. Once the assessment ceased to exist, there was no independent basis for the penalty. The penalty imposed under section 271D was therefore unsustainable and quashed. en-us Wed, 29 Jul 2026 00:00:00 +0530 Tue, 22 Sep 2026 08:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799425 Penalty for an alleged contravention of the cash-receipt restrictions cannot survive where the underlying reassessment has been annulled and the corresponding addition deleted. The penalty was founded on the cash-transaction allegation in the quantum assessment and was consequential to the validity of that assessment. Once the assessment ceased to exist, there was no independent basis for the penalty. The penalty imposed under section 271D was therefore unsustainable and quashed. Case-Laws Income Tax Wed, 29 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799425