Penalty Cannot Stand When Quantum Issue Is Pending Before HC: ITAT Hyderabad

Nagaiah Kekkireni Vs ITO (ITAT Hyderabad) Penalty Cannot Stand When Quantum Issue Is Pending Before High Court-Once the High Court admits an appeal on the quantum issue, the matter becomes debatable The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty of ₹12.12 lakh levied under section 271(1)(c), holding that penalty proceedings cannot survive when the very quantum addition is sub judice and admitted by the High Court on a substantial question of law. In this case for AY 2009-10, the penalty was levied in respect of an addition of ₹42.84 lakh made towards un...