https://www.taxtmi.com/caselaws?id=425955 The case involved an appeal against an order in assessment year 2012-13, addressing issues such as notional interest on share application money, disallowance u/s 14A, and penalty proceedings under section 271(1)(c). The CIT(A) partially allowed the appeal, reducing disallowance u/s 14A but upheld the addition of notional interest. The AO imposed a penalty, which was later deleted by the CIT(A) based on a Supreme Court judgment. The Revenue appealed the deletion of the penalty, arguing inaccurate particulars, but the CIT(A) upheld its decision, emphasizing the legal precedent's role in determining penalties under tax laws. en-us Fri, 22 Jul 2022 00:00:00 +0530 Thu, 04 Aug 2022 08:34:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425955 The case involved an appeal against an order in assessment year 2012-13, addressing issues such as notional interest on share application money, disallowance u/s 14A, and penalty proceedings under section 271(1)(c). The CIT(A) partially allowed the appeal, reducing disallowance u/s 14A but upheld the addition of notional interest. The AO imposed a penalty, which was later deleted by the CIT(A) based on a Supreme Court judgment. The Revenue appealed the deletion of the penalty, arguing inaccurate particulars, but the CIT(A) upheld its decision, emphasizing the legal precedent's role in determining penalties under tax laws. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425955