https://www.taxtmi.com/caselaws?id=364174 The Tribunal allowed the assessee's Cross Objections after condoning a 5-day delay. The penalty under Section 271(1)(c) of the Income Tax Act for interest income was deleted as the assessee had disclosed and offered the income for taxation. The penalty notice was deemed defective for not specifying the default, leading to its cancellation. The appeal by the Revenue was dismissed, and the Cross Objections were allowed in favor of the assessee. en-us Fri, 20 Jul 2018 00:00:00 +0530 Tue, 24 Jul 2018 08:52:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364174 The Tribunal allowed the assessee's Cross Objections after condoning a 5-day delay. The penalty under Section 271(1)(c) of the Income Tax Act for interest income was deleted as the assessee had disclosed and offered the income for taxation. The penalty notice was deemed defective for not specifying the default, leading to its cancellation. The appeal by the Revenue was dismissed, and the Cross Objections were allowed in favor of the assessee. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364174