https://www.taxtmi.com/caselaws?id=372550 The Tribunal partially allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) and the re-computation of allowable expenses. The AO was instructed to determine expenses for maintaining the corporate structure and review the tax computation on capital gains at concessional rates. The judgment stressed the importance of following principles of natural justice and proper application of mind by the AO in penalty proceedings. en-us Tue, 09 Oct 2018 00:00:00 +0530 Tue, 25 Dec 2018 08:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372550 The Tribunal partially allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) and the re-computation of allowable expenses. The AO was instructed to determine expenses for maintaining the corporate structure and review the tax computation on capital gains at concessional rates. The judgment stressed the importance of following principles of natural justice and proper application of mind by the AO in penalty proceedings. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372550