https://www.taxtmi.com/caselaws?id=325957 The Tribunal found that penalties imposed under section 271(1)(c) of the Income Tax Act were not justified as the assessee had disclosed all relevant details and believed the advances were for business purposes. The Tribunal held that business advances being deemed dividends were debatable, ultimately deleting the penalties imposed by the Assessing Officer and confirmed by the CIT (A). Consequently, the appeals of the assessee were allowed, and the penalties were overturned in all cases. en-us Fri, 12 Feb 2016 00:00:00 +0530 Sat, 30 Apr 2016 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325957 The Tribunal found that penalties imposed under section 271(1)(c) of the Income Tax Act were not justified as the assessee had disclosed all relevant details and believed the advances were for business purposes. The Tribunal held that business advances being deemed dividends were debatable, ultimately deleting the penalties imposed by the Assessing Officer and confirmed by the CIT (A). Consequently, the appeals of the assessee were allowed, and the penalties were overturned in all cases. Case-Laws Income Tax Fri, 12 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325957