https://www.taxtmi.com/caselaws?id=176876 The Tribunal allowed the appeal, canceling the penalty under section 271(1)(c) for the appellant. The Tribunal ruled that as long as there was no deliberate concealment or incorrect information and considering the loan was disclosed in the balance sheet, the penalty should not apply under section 271(1)(c) for deemed dividend under section 2(22)(e) of the Income Tax Act. The Tribunal disagreed with the CIT(A)'s reliance on a Supreme Court decision and directed the cancellation of the imposed penalty. en-us Wed, 23 May 2012 00:00:00 +0530 Mon, 19 Jun 2017 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176876 The Tribunal allowed the appeal, canceling the penalty under section 271(1)(c) for the appellant. The Tribunal ruled that as long as there was no deliberate concealment or incorrect information and considering the loan was disclosed in the balance sheet, the penalty should not apply under section 271(1)(c) for deemed dividend under section 2(22)(e) of the Income Tax Act. The Tribunal disagreed with the CIT(A)'s reliance on a Supreme Court decision and directed the cancellation of the imposed penalty. Case-Laws Income Tax Wed, 23 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176876