https://www.taxtmi.com/caselaws?id=177701 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income-tax Act, citing the bonafide nature of the assessee's explanation and precedents. The appeal by the revenue challenging the deletion of the penalty for inaccurate particulars of income related to deemed dividend under section 2(22)(e) was dismissed, with the Tribunal emphasizing the complexity of tax laws and the lack of proof by the Revenue to establish falsity in the explanation provided by the assessee. en-us Wed, 16 Jul 2014 00:00:00 +0530 Fri, 15 Jan 2016 12:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177701 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income-tax Act, citing the bonafide nature of the assessee's explanation and precedents. The appeal by the revenue challenging the deletion of the penalty for inaccurate particulars of income related to deemed dividend under section 2(22)(e) was dismissed, with the Tribunal emphasizing the complexity of tax laws and the lack of proof by the Revenue to establish falsity in the explanation provided by the assessee. Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177701