https://www.taxtmi.com/caselaws?id=183129 The Tribunal invalidated penalty proceedings under section 271(1)(c) due to a defective show cause notice and inconclusive findings in the penalty order. The proportionate disallowance of interest on borrowed capital was deemed not deserving of a penalty. Consequently, the Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c). en-us Thu, 05 Mar 2015 00:00:00 +0530 Mon, 30 May 2016 16:29:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183129 The Tribunal invalidated penalty proceedings under section 271(1)(c) due to a defective show cause notice and inconclusive findings in the penalty order. The proportionate disallowance of interest on borrowed capital was deemed not deserving of a penalty. Consequently, the Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c). Case-Laws Income Tax Thu, 05 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183129