https://www.taxtmi.com/caselaws?id=372370 The Tribunal partially allowed the Assessee's appeal by ruling that the show cause notice issued under section 271(1)(c) of the Income Tax Act was invalid, leading to the deletion of penalties except for a specific amount. Additionally, the penalty on deemed income under section 2(22)(e) was set aside as the transactions were deemed ordinary business transactions benefiting the Company. The penalty under section 271(1)(c) was deemed unsustainable except for a minor amount not contested by the Assessee, resulting in the partial sustenance of the penalty on that specific amount. en-us Wed, 19 Dec 2018 00:00:00 +0530 Fri, 21 Dec 2018 07:08:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372370 The Tribunal partially allowed the Assessee's appeal by ruling that the show cause notice issued under section 271(1)(c) of the Income Tax Act was invalid, leading to the deletion of penalties except for a specific amount. Additionally, the penalty on deemed income under section 2(22)(e) was set aside as the transactions were deemed ordinary business transactions benefiting the Company. The penalty under section 271(1)(c) was deemed unsustainable except for a minor amount not contested by the Assessee, resulting in the partial sustenance of the penalty on that specific amount. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372370