ITAT Directs AO to Reconsider Section 271(1)(c) Penalty in Light of Quantum Appeal

Co.op Credit Society of VIS Limited Vs DCIT (ITAT Ahmedabad) In a recent order, the Income Tax Appellate Tribunal (ITAT) of Ahmedabad has remanded a penalty appeal filed by Co.op Credit Society of VIS Limited, instructing the Assessing Officer (AO) to await the final decision of a related quantum appeal before imposing any penalty. The case pertains to a penalty levied under Section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 2016-17. The assessee had appealed against the penalty order, arguing that the penalty should be reviewed based on the outcome of its separate “q...