https://www.taxtmi.com/caselaws?id=238997 The Tribunal allowed the appeal, setting aside the penalty order due to the absence of recorded satisfaction for initiating penalty proceedings in the assessment order. Although the penalty order was not time-barred, the lack of specific mention regarding the disallowance of interest on the Sugar Development Fund loan rendered the penalty proceedings void ab initio. Consequently, the levy of penalty on the disallowance towards interest on SDF was deemed futile, leading to the dismissal of additional grounds raised by the appellant. en-us Thu, 07 Feb 2013 00:00:00 +0530 Sun, 20 Oct 2013 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238997 The Tribunal allowed the appeal, setting aside the penalty order due to the absence of recorded satisfaction for initiating penalty proceedings in the assessment order. Although the penalty order was not time-barred, the lack of specific mention regarding the disallowance of interest on the Sugar Development Fund loan rendered the penalty proceedings void ab initio. Consequently, the levy of penalty on the disallowance towards interest on SDF was deemed futile, leading to the dismissal of additional grounds raised by the appellant. Case-Laws Income Tax Thu, 07 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238997