https://www.taxtmi.com/caselaws?id=177637 The Tribunal allowed the assessee's appeal, finding the penalty under section 271(1)(c) of the Income Tax Act not justified. The penalty related to disallowance of deduction under section 80HHC was deemed unsustainable as the deduction was later permitted. Regarding deemed dividend under section 2(22)(e), the Tribunal acknowledged the assessee's reasonable belief due to subsequent legal clarifications. Consequently, no concealment or inaccurate income particulars were found, leading to the dismissal of the penalty. The order was pronounced on 17.04.2009. en-us Fri, 17 Apr 2009 00:00:00 +0530 Thu, 14 Jan 2016 11:39:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177637 The Tribunal allowed the assessee's appeal, finding the penalty under section 271(1)(c) of the Income Tax Act not justified. The penalty related to disallowance of deduction under section 80HHC was deemed unsustainable as the deduction was later permitted. Regarding deemed dividend under section 2(22)(e), the Tribunal acknowledged the assessee's reasonable belief due to subsequent legal clarifications. Consequently, no concealment or inaccurate income particulars were found, leading to the dismissal of the penalty. The order was pronounced on 17.04.2009. Case-Laws Income Tax Fri, 17 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177637