https://www.taxtmi.com/caselaws?id=339524 The Appellate Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) for inaccurate particulars of income. The Tribunal held that the penalty order could not be sustained as it was initiated for one reason but levied for another, citing judicial precedents. The assessee successfully challenged the penalty imposition by demonstrating compliance with banking channels and the lender's capital, leading to the penalty being overturned based on legal principles established by higher courts. en-us Fri, 20 Jan 2017 00:00:00 +0530 Thu, 23 Feb 2017 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339524 The Appellate Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) for inaccurate particulars of income. The Tribunal held that the penalty order could not be sustained as it was initiated for one reason but levied for another, citing judicial precedents. The assessee successfully challenged the penalty imposition by demonstrating compliance with banking channels and the lender's capital, leading to the penalty being overturned based on legal principles established by higher courts. Case-Laws Income Tax Fri, 20 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339524