Bombay High Court Allows Tax Appeal in Penalty Jurisdiction Case — CIT(A) Remand Order Wipes Out AO's Penalty Initiation. Penalty proceedings under Section 271(1)(c) of Income Tax Act, 1961 cannot survive after the assessment order containing the satisfaction for initiation is set aside by CIT(A) without specific direction....
The appellant, Gangadhar Narsingas Agrawal (HUF), filed a return of income for Assessment Year 1997-1998 disclosing a loss. The Assessing Officer (AO) passed an assessment order under Section 143(3) o...
