Consequential Penalty Must Wait for Outcome of underlying Assessment: ITAT Nagpur

Kirtikumar Haribhai Patel Vs ITO (ITAT Nagpur) Consequential Penalty Must Await Outcome of Fresh Assessment- Nagpur ITAT Restores 270A Penalty – To Be Reconsidered After Fresh Assessment-Penalty Cannot Survive if Assessment Set Aside – Tribunal Sends Back Matter Assessee filed appeal against order of CIT(A)/NFAC dated 25.03.2025 which had confirmed penalty of ₹11,79,772 levied u/s 270A. The penalty was imposed by AO consequent to an ex-parte assessment. At hearing, Assessee pointed out that the very assessment order forming the basis of penalty had already been set aside by Tribunal in I...