https://www.taxtmi.com/caselaws?id=384097 The Tribunal set aside the Commissioner of Income Tax (Appeals) order confirming the penalty under section 271(1)(c) of the Income Tax Act, 1961, for treating loans/advances as deemed dividend. Emphasizing the bonafides of the assessee in disclosing all material facts, the Tribunal concluded that no penalty was justified as the deemed income was correctly disclosed. Consequently, the penalty was deleted, and the appeal was partly allowed on merits, without addressing the legal grounds raised. en-us Fri, 31 May 2019 00:00:00 +0530 Mon, 05 Aug 2019 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384097 The Tribunal set aside the Commissioner of Income Tax (Appeals) order confirming the penalty under section 271(1)(c) of the Income Tax Act, 1961, for treating loans/advances as deemed dividend. Emphasizing the bonafides of the assessee in disclosing all material facts, the Tribunal concluded that no penalty was justified as the deemed income was correctly disclosed. Consequently, the penalty was deleted, and the appeal was partly allowed on merits, without addressing the legal grounds raised. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384097