https://www.taxtmi.com/caselaws?id=269719 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The Tribunal found that the assessee did not furnish inaccurate particulars of income or conceal income deliberately, emphasizing the distinction between assessment proceedings and penalty imposition. The Tribunal concluded that the addition of deemed dividend did not automatically warrant a penalty, as there was no evidence of deliberate concealment based on the loan transactions and repayment discrepancies with the sister concern. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 18 Dec 2015 20:06:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269719 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The Tribunal found that the assessee did not furnish inaccurate particulars of income or conceal income deliberately, emphasizing the distinction between assessment proceedings and penalty imposition. The Tribunal concluded that the addition of deemed dividend did not automatically warrant a penalty, as there was no evidence of deliberate concealment based on the loan transactions and repayment discrepancies with the sister concern. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269719