https://www.taxtmi.com/caselaws?id=240333 The ITAT dismissed the Revenue's appeal and upheld the Ld. CIT(A)'s decision to delete the penalty under section 271(1)(c) related to the deemed dividend amount of Rs. 5,84,553. The ITAT emphasized that the assessee made full disclosures, had no malafide intent to evade tax, and penalty provisions should not apply in cases of inadvertent errors. Citing legal precedents, including the decision in C.I.T. vs. Reliance Petroproducts Pvt. Ltd. and the Hindustan Steel case, the ITAT concluded that penalties should not be imposed in cases of technical breaches or where the offender believed they were acting in accordance with the law. en-us Fri, 22 Nov 2013 00:00:00 +0530 Sat, 30 Nov 2013 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240333 The ITAT dismissed the Revenue's appeal and upheld the Ld. CIT(A)'s decision to delete the penalty under section 271(1)(c) related to the deemed dividend amount of Rs. 5,84,553. The ITAT emphasized that the assessee made full disclosures, had no malafide intent to evade tax, and penalty provisions should not apply in cases of inadvertent errors. Citing legal precedents, including the decision in C.I.T. vs. Reliance Petroproducts Pvt. Ltd. and the Hindustan Steel case, the ITAT concluded that penalties should not be imposed in cases of technical breaches or where the offender believed they were acting in accordance with the law. Case-Laws Income Tax Fri, 22 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240333