https://www.taxtmi.com/caselaws?id=385224 Penalty under the income-tax penalty regime was found unsustainable where the amounts had already been treated as income in quantum proceedings and were linked to personal expenditure telescoped out of company cash flow, because no genuine loan or deposit transaction was established. The Tribunal further noted that neither the assessment order nor the penalty order recorded clear satisfaction for initiating penalty proceedings, and this procedural defect independently defeated the levy. On both grounds, the penalty orders were set aside and the assessee's appeals were allowed. en-us Wed, 28 Aug 2019 00:00:00 +0530 Fri, 30 Aug 2019 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385224 Penalty under the income-tax penalty regime was found unsustainable where the amounts had already been treated as income in quantum proceedings and were linked to personal expenditure telescoped out of company cash flow, because no genuine loan or deposit transaction was established. The Tribunal further noted that neither the assessment order nor the penalty order recorded clear satisfaction for initiating penalty proceedings, and this procedural defect independently defeated the levy. On both grounds, the penalty orders were set aside and the assessee's appeals were allowed. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385224