https://www.taxtmi.com/caselaws?id=333297 The Tribunal dismissed the Revenue's appeal regarding the penalty under Section 271(1)(c) of the Income-tax Act, 1961, upholding the deletion of the penalty. It rejected the assessee's claim on the limitation of notice under Section 143(2) and adequacy of opportunity during assessment proceedings. The Tribunal confirmed the addition of income related to loan waiver and unsecured loans, while remanding the issue of rental income for further verification. The disallowance of interest and commission payments was upheld. en-us Fri, 05 Aug 2016 00:00:00 +0530 Sat, 08 Oct 2016 14:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333297 The Tribunal dismissed the Revenue's appeal regarding the penalty under Section 271(1)(c) of the Income-tax Act, 1961, upholding the deletion of the penalty. It rejected the assessee's claim on the limitation of notice under Section 143(2) and adequacy of opportunity during assessment proceedings. The Tribunal confirmed the addition of income related to loan waiver and unsecured loans, while remanding the issue of rental income for further verification. The disallowance of interest and commission payments was upheld. Case-Laws Income Tax Fri, 05 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333297