https://www.taxtmi.com/caselaws?id=354507 The court upheld the Tribunal's decision to delete penalties under section 271(1)(c) for assessment years 2008-09 and 2009-10. The Assessing Officer treated loan amounts as deemed dividends, triggering penalty proceedings for inaccurate income particulars. The Commissioner (Appeals) and Tribunal found the loans fell under the deeming provision of section 2(22)(e), precluding penalties due to known transactions. The court dismissed appeals, affirming the Tribunal's decision based on the legal fiction of section 2(22)(e) and absence of concealment, leading to penalty deletions. en-us Tue, 23 Jan 2018 00:00:00 +0530 Tue, 30 Jan 2018 11:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354507 The court upheld the Tribunal's decision to delete penalties under section 271(1)(c) for assessment years 2008-09 and 2009-10. The Assessing Officer treated loan amounts as deemed dividends, triggering penalty proceedings for inaccurate income particulars. The Commissioner (Appeals) and Tribunal found the loans fell under the deeming provision of section 2(22)(e), precluding penalties due to known transactions. The court dismissed appeals, affirming the Tribunal's decision based on the legal fiction of section 2(22)(e) and absence of concealment, leading to penalty deletions. Case-Laws Income Tax Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354507