https://www.taxtmi.com/caselaws?id=369473 The Tribunal allowed the appeal challenging penalty orders under section 271(1)(c) of the Income Tax Act for the assessment year 2009-10. The penalties imposed on interest payments and alleged concealment of income were deemed unsustainable due to lack of proper reasoning and approval for penalty imposition. The Tribunal emphasized that the issues were debatable and pending before the High Court, and the revenue failed to prove inaccurate particulars of income. As a result, the penalty order was set aside in favor of the appellant, a non-resident banking company. en-us Thu, 25 Oct 2018 00:00:00 +0530 Mon, 29 Oct 2018 07:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369473 The Tribunal allowed the appeal challenging penalty orders under section 271(1)(c) of the Income Tax Act for the assessment year 2009-10. The penalties imposed on interest payments and alleged concealment of income were deemed unsustainable due to lack of proper reasoning and approval for penalty imposition. The Tribunal emphasized that the issues were debatable and pending before the High Court, and the revenue failed to prove inaccurate particulars of income. As a result, the penalty order was set aside in favor of the appellant, a non-resident banking company. Case-Laws Income Tax Thu, 25 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369473