https://www.taxtmi.com/caselaws?id=282404 The ITAT upheld penalties under section 271(1)(c) for concealment of income due to failure to declare deemed dividend amounts totaling Rs. 47,49,717 under section 2(22)(e). However, penalties were deleted based on the deeming provision nature of section 2(22)(e) and absence of mala fides in not disclosing the amounts initially, following a similar precedent. The ITAT emphasized the complexity of penalty imposition on deemed income under section 2(22)(e) and ruled in favor of the appellant, deleting penalties in all appeals. en-us Thu, 28 Jun 2018 00:00:00 +0530 Tue, 06 Aug 2019 20:29:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282404 The ITAT upheld penalties under section 271(1)(c) for concealment of income due to failure to declare deemed dividend amounts totaling Rs. 47,49,717 under section 2(22)(e). However, penalties were deleted based on the deeming provision nature of section 2(22)(e) and absence of mala fides in not disclosing the amounts initially, following a similar precedent. The ITAT emphasized the complexity of penalty imposition on deemed income under section 2(22)(e) and ruled in favor of the appellant, deleting penalties in all appeals. Case-Laws Income Tax Thu, 28 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282404