Penalty Unsustainable Once Quantum Assessments Quashed: ITAT Delhi

G.D. Goenka Pvt Ltd Vs ACIT (ITAT Delhi) New Delhi: The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has set aside penalty orders issued against G.D. Goenka Pvt. Ltd. for assessment years 2016-17, 2017-18, and 2018-19. The tribunal ruled that the penalties, imposed under various sections including 271(1)(c), 270A, and 271AAB, could not stand because the underlying assessment orders had been previously quashed by the ITAT itself. The dispute originated from assessment orders passed under Section 153A read with Section 143(3) of the Income Tax Act, 1961, following a search conducted on the...