https://www.taxtmi.com/caselaws?id=417516 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty on derivative loss claimed as a business loss. It emphasized the necessity of specific charges in penalty notices and clarified that penalties cannot be imposed solely based on additions under normal provisions when income is assessed under MAT provisions. The judgment provided a detailed analysis of each issue raised, citing legal precedents and relevant provisions of the Income-tax Act, 1961. en-us Fri, 27 Aug 2021 00:00:00 +0530 Tue, 25 Jan 2022 08:46:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417516 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty on derivative loss claimed as a business loss. It emphasized the necessity of specific charges in penalty notices and clarified that penalties cannot be imposed solely based on additions under normal provisions when income is assessed under MAT provisions. The judgment provided a detailed analysis of each issue raised, citing legal precedents and relevant provisions of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 27 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417516