https://www.taxtmi.com/caselaws?id=282397 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961. The case involved a partnership concern receiving a loan treated as deemed dividend. The CIT(A) found no intention to conceal income, as the borrowing was disclosed in the balance sheet. Relying on legal precedents, the CIT(A) concluded that the penalty was not leviable. The Tribunal agreed, emphasizing penalties should not apply for technical breaches or good faith actions. The Department's appeal was dismissed, affirming the cancellation of the penalty without impacting the quantum addition. en-us Thu, 06 Aug 2015 00:00:00 +0530 Tue, 06 Aug 2019 20:29:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282397 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961. The case involved a partnership concern receiving a loan treated as deemed dividend. The CIT(A) found no intention to conceal income, as the borrowing was disclosed in the balance sheet. Relying on legal precedents, the CIT(A) concluded that the penalty was not leviable. The Tribunal agreed, emphasizing penalties should not apply for technical breaches or good faith actions. The Department's appeal was dismissed, affirming the cancellation of the penalty without impacting the quantum addition. Case-Laws Income Tax Thu, 06 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282397