https://www.taxtmi.com/caselaws?id=375074 The Tribunal allowed the appeal, quashing the penalty imposed under Section 271(1)(c) for inaccurate particulars of income related to unsecured loans and unsecured creditors. The Tribunal emphasized the necessity of a fresh enquiry during penalty proceedings and found the penalty arbitrary, lacking proper due diligence. As a result, the penalty was deemed to be without a firm basis and was overturned. en-us Tue, 01 Jan 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:20:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375074 The Tribunal allowed the appeal, quashing the penalty imposed under Section 271(1)(c) for inaccurate particulars of income related to unsecured loans and unsecured creditors. The Tribunal emphasized the necessity of a fresh enquiry during penalty proceedings and found the penalty arbitrary, lacking proper due diligence. As a result, the penalty was deemed to be without a firm basis and was overturned. Case-Laws Income Tax Tue, 01 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375074