https://www.taxtmi.com/caselaws?id=438806 The Tribunal upheld the deletion of penalties under Section 271(1)(c) for speculation loss and share capital addition, finding the penalty orders unjustified. It also ruled that penalty proceedings initiated beyond the permissible period were void ab initio and invalidated penalty notices lacking specificity. As a result, the Revenue's appeal was dismissed, and the cross objections by the assessee were allowed. en-us Wed, 03 May 2023 00:00:00 +0530 Fri, 09 Jun 2023 08:54:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438806 The Tribunal upheld the deletion of penalties under Section 271(1)(c) for speculation loss and share capital addition, finding the penalty orders unjustified. It also ruled that penalty proceedings initiated beyond the permissible period were void ab initio and invalidated penalty notices lacking specificity. As a result, the Revenue's appeal was dismissed, and the cross objections by the assessee were allowed. Case-Laws Income Tax Wed, 03 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438806