Section 271(1)(c) Penalty Cannot Survive When Reassessment Is Quashed: ITAT Chennai

Raju Chandrasekar Vs ITO (ITAT Chennai) Penalty Cannot Survive When Reassessment Is Quashed: ITAT Chennai Deletes Section 271(1)(c) Penalty for AY 2015-16 The Chennai Bench of the ITAT allowed the assessee’s appeal for AY 2015-16 and set aside the penalty imposed under section 271(1)(c), holding that the penalty had no legs to stand once the quantum reassessment itself was quashed. The Tribunal noted that the reassessment for the relevant year had already been set aside by the ITAT in the assessee’s quantum appeal, on the ground that the notice under section 148 was issued by the Jurisdict...