ITAT Sets Aside Penalty Proceedings to AO, Directs Revisit Post De Novo Assessment

Krupal Vikrambhai Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad directs AO to re-examine penalty u/s 271(1)(c) against Krupal Patel after setting aside the original ex parte assessment order. Tax Tribunal Orders Fresh Look at Penalty Following Assessment Reversal; Ahmedabad ITAT Links Penalty Validity to Outcome of New Assessment Proceedings. Ahmedabad: The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, has set aside a penalty order issued under Section 271(1)(c) of the Income Tax Act, 1961, directing the Assessing Officer (AO) to re-examine the penalty issue after completing a fresh ...