https://www.taxtmi.com/caselaws?id=360752 The Tribunal dismissed the Revenue's appeal and upheld the deletion of penalties under Section 271(1)(c). The penalty for furnishing inaccurate particulars of income (deemed dividend) was deemed unjustified due to debatable legal issues, while the penalty for disallowance of interest expenses was deleted as the claim was made in good faith. The Tribunal found the penalty proceedings invalid as the notice lacked specificity, violating principles of natural justice. The assessee's cross-objection was allowed, emphasizing the necessity of clear charges in penalty proceedings. en-us Wed, 16 May 2018 00:00:00 +0530 Tue, 22 May 2018 08:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360752 The Tribunal dismissed the Revenue's appeal and upheld the deletion of penalties under Section 271(1)(c). The penalty for furnishing inaccurate particulars of income (deemed dividend) was deemed unjustified due to debatable legal issues, while the penalty for disallowance of interest expenses was deleted as the claim was made in good faith. The Tribunal found the penalty proceedings invalid as the notice lacked specificity, violating principles of natural justice. The assessee's cross-objection was allowed, emphasizing the necessity of clear charges in penalty proceedings. Case-Laws Income Tax Wed, 16 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360752