https://www.taxtmi.com/caselaws?id=440413 The Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the penalty levied under Section 271(1)(c) of the Income Tax Act. The penalty was imposed for not reporting deemed dividend under Section 2(22)(e), amounting to Rs. 19,99,999. The Tribunal held that penalties cannot be levied for additions made using deeming provisions, emphasizing that non-disclosure of deemed dividends does not constitute furnishing inaccurate particulars of income. The decision was based on precedents where penalties under similar circumstances were deleted, concluding that the deeming fiction under Section 2(22)(e) cannot extend to penalty provisions under Section 271(1)(c). en-us Fri, 14 Jul 2023 00:00:00 +0530 Mon, 17 Jul 2023 23:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440413 The Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the penalty levied under Section 271(1)(c) of the Income Tax Act. The penalty was imposed for not reporting deemed dividend under Section 2(22)(e), amounting to Rs. 19,99,999. The Tribunal held that penalties cannot be levied for additions made using deeming provisions, emphasizing that non-disclosure of deemed dividends does not constitute furnishing inaccurate particulars of income. The decision was based on precedents where penalties under similar circumstances were deleted, concluding that the deeming fiction under Section 2(22)(e) cannot extend to penalty provisions under Section 271(1)(c). Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440413