AO Empowered to Modify Penalty as per Higher Authority or Court Orders

DCIT Vs Pinac Stock Brokers Private Limited (ITAT Ahmedabad) AO empowered to impose or enhance or reduce or cancel penalty by giving effect to order of higher authority or court ITAT Ahmedabad held that section 275(1A) of the Act empowers AO to impose or enhance or reduce or cancel penalty pursuant to the quantum appeal before higher appellate authority or court by giving effect to the quantum order. Facts- Revenue has preferred the present appeal solely on the ground that whether CIT(A) is correct in deleting the penalty levied u/s. 271(1)(c) holding that the issue has been decided in favour ...