https://www.taxtmi.com/caselaws?id=417786 Penalty under section 271(1)(c) was held unsustainable where the addition depended on a genuinely debatable question as to in whose hands deemed dividend under section 2(22)(e) was taxable. The loan transaction was disclosed in the books, and the same amount had first been treated as deemed dividend in one company's hands before being taxed in the assessee's hands on appellate directions. On those facts, concealment of income or furnishing of inaccurate particulars was not established, so deletion of the penalty was upheld and the Revenue's challenge failed. en-us Thu, 27 Jan 2022 00:00:00 +0530 Sat, 20 Aug 2022 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417786 Penalty under section 271(1)(c) was held unsustainable where the addition depended on a genuinely debatable question as to in whose hands deemed dividend under section 2(22)(e) was taxable. The loan transaction was disclosed in the books, and the same amount had first been treated as deemed dividend in one company's hands before being taxed in the assessee's hands on appellate directions. On those facts, concealment of income or furnishing of inaccurate particulars was not established, so deletion of the penalty was upheld and the Revenue's challenge failed. Case-Laws Income Tax Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417786