https://www.taxtmi.com/caselaws?id=188783 The Tribunal reversed the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, emphasizing the necessity of the Assessing Officer's explicit satisfaction in the assessment order for initiating penalty proceedings. The Tribunal also allowed the appeal on the merits, finding the deduction claimed for interest on borrowed funds used for share investment was based on a bona fide belief. The Court upheld the Tribunal's decision, concluding no substantial question of law arose in the case. en-us Thu, 01 Nov 2007 00:00:00 +0530 Fri, 16 Dec 2016 14:18:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188783 The Tribunal reversed the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, emphasizing the necessity of the Assessing Officer's explicit satisfaction in the assessment order for initiating penalty proceedings. The Tribunal also allowed the appeal on the merits, finding the deduction claimed for interest on borrowed funds used for share investment was based on a bona fide belief. The Court upheld the Tribunal's decision, concluding no substantial question of law arose in the case. Case-Laws Income Tax Thu, 01 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188783