https://www.taxtmi.com/caselaws?id=252773 The Tribunal allowed the appeals for AY 2006-07 and AY 2007-08, directing the deletion of penalties on interest disallowance and loan receipt assessed u/s 68. Emphasizing the independence of penalty proceedings from assessments, it recognized the commercial expediency of the actions and the reasonableness of explanations provided. The Tribunal found no justification for penalties solely based on agreeing to the assessment of the loan amount as income. en-us Wed, 13 Aug 2014 00:00:00 +0530 Tue, 04 Nov 2014 06:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252773 The Tribunal allowed the appeals for AY 2006-07 and AY 2007-08, directing the deletion of penalties on interest disallowance and loan receipt assessed u/s 68. Emphasizing the independence of penalty proceedings from assessments, it recognized the commercial expediency of the actions and the reasonableness of explanations provided. The Tribunal found no justification for penalties solely based on agreeing to the assessment of the loan amount as income. Case-Laws Income Tax Wed, 13 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252773