https://www.taxtmi.com/caselaws?id=282377 The Tribunal upheld the Commissioner of Income Tax(Appeals)'s decision to delete penalties imposed under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income related to loans treated as deemed dividend under section 2(22)(e) of the Act. The judgment emphasized that the loans were subject to legal fiction and not a substantive provision, and as all relevant facts were disclosed, the penalties were deemed unjustified. The appeals by the Revenue were dismissed, highlighting the significance of disclosing all relevant facts in penalty proceedings involving legal fictions like deemed dividends. en-us Wed, 05 Apr 2017 00:00:00 +0530 Mon, 05 Aug 2019 20:16:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282377 The Tribunal upheld the Commissioner of Income Tax(Appeals)'s decision to delete penalties imposed under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income related to loans treated as deemed dividend under section 2(22)(e) of the Act. The judgment emphasized that the loans were subject to legal fiction and not a substantive provision, and as all relevant facts were disclosed, the penalties were deemed unjustified. The appeals by the Revenue were dismissed, highlighting the significance of disclosing all relevant facts in penalty proceedings involving legal fictions like deemed dividends. Case-Laws Income Tax Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282377