https://www.taxtmi.com/caselaws?id=434049 The tribunal allowed the appeal filed by the assessee, challenging the addition made under section 60 of the Income Tax Act due to write off of investments in equity shares following a capital reduction scheme. It was held that no income was generated in the transactions, and thus, the provisions of section 60 did not apply. The tribunal set aside the order of the CIT(A) confirming the addition under sections 60 and 63(b) of the Act, concluding that there was no transfer of income involved. The tribunal dismissed the grounds challenging the levy of interest under section 234B and the initiation of penalty proceedings under section 271(1)(c). en-us Tue, 24 Jan 2023 00:00:00 +0530 Wed, 15 Feb 2023 19:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434049 The tribunal allowed the appeal filed by the assessee, challenging the addition made under section 60 of the Income Tax Act due to write off of investments in equity shares following a capital reduction scheme. It was held that no income was generated in the transactions, and thus, the provisions of section 60 did not apply. The tribunal set aside the order of the CIT(A) confirming the addition under sections 60 and 63(b) of the Act, concluding that there was no transfer of income involved. The tribunal dismissed the grounds challenging the levy of interest under section 234B and the initiation of penalty proceedings under section 271(1)(c). Case-Laws Income Tax Tue, 24 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434049