https://www.taxtmi.com/caselaws?id=345063 The Tribunal allowed the appeal for statistical purposes, directing the Assessing Officer to reassess the availability of interest-free funds and reconsider the penalty under Section 271(1)(c) based on the principles established in the Reliance Utilities and Power Limited judgment. The Tribunal emphasized the need for proof of concealment or furnishing inaccurate particulars in penalty proceedings, distinct from assessment proceedings, and highlighted the relevance of substantial interest-free funds and profits in justifying the investment in Bharat Diamond Bourse. The matter was remanded to the Assessing Officer for fresh adjudication. en-us Fri, 02 Dec 2016 00:00:00 +0530 Thu, 06 Jul 2017 08:28:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345063 The Tribunal allowed the appeal for statistical purposes, directing the Assessing Officer to reassess the availability of interest-free funds and reconsider the penalty under Section 271(1)(c) based on the principles established in the Reliance Utilities and Power Limited judgment. The Tribunal emphasized the need for proof of concealment or furnishing inaccurate particulars in penalty proceedings, distinct from assessment proceedings, and highlighted the relevance of substantial interest-free funds and profits in justifying the investment in Bharat Diamond Bourse. The matter was remanded to the Assessing Officer for fresh adjudication. Case-Laws Income Tax Fri, 02 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345063