https://www.taxtmi.com/caselaws?id=394081 The Tribunal upheld the disallowance of professional fees and interest expenses, along with the reclassification of certain income, due to the assessee's lack of business activity during the relevant year. However, the penalty imposed under Section 271(1)(c) was overturned by the Tribunal due to procedural deficiencies in the penalty notice and the debatable nature of the issues. en-us Fri, 06 Mar 2020 00:00:00 +0530 Tue, 31 Mar 2020 15:58:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394081 The Tribunal upheld the disallowance of professional fees and interest expenses, along with the reclassification of certain income, due to the assessee's lack of business activity during the relevant year. However, the penalty imposed under Section 271(1)(c) was overturned by the Tribunal due to procedural deficiencies in the penalty notice and the debatable nature of the issues. Case-Laws Income Tax Fri, 06 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394081