https://www.taxtmi.com/caselaws?id=427416 The appeal against the ITAT order setting aside the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09 was dismissed. The ITAT allowed the quantum appeal based on the principle of 'business expediency,' emphasizing the commercial aspect of interest-free loans to sister companies. The penalty proceedings were deleted as unsustainable claims did not amount to concealment of income or inaccurate particulars, following the precedent set by the Supreme Court. The appeal was dismissed, and no costs were awarded. en-us Thu, 18 Aug 2022 00:00:00 +0530 Wed, 07 Sep 2022 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427416 The appeal against the ITAT order setting aside the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09 was dismissed. The ITAT allowed the quantum appeal based on the principle of 'business expediency,' emphasizing the commercial aspect of interest-free loans to sister companies. The penalty proceedings were deleted as unsustainable claims did not amount to concealment of income or inaccurate particulars, following the precedent set by the Supreme Court. The appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Thu, 18 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427416