https://www.taxtmi.com/caselaws?id=441660 The Tribunal allowed the appeal of a defunct private limited company against penalty proceedings imposed by the AO for the assessment year 2009-10. The AO's penalty for rejecting the claim of loss of stock was partly confirmed by the ld CIT(A). However, the Tribunal found that the AO failed to prove the appellant furnished inaccurate or concealed income particulars. Relying on legal precedents, the Tribunal held the penalty was unsustainable, leading to the deletion of the penalty and allowing the appellant's appeal. en-us Thu, 10 Aug 2023 00:00:00 +0530 Sat, 12 Aug 2023 08:31:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441660 The Tribunal allowed the appeal of a defunct private limited company against penalty proceedings imposed by the AO for the assessment year 2009-10. The AO's penalty for rejecting the claim of loss of stock was partly confirmed by the ld CIT(A). However, the Tribunal found that the AO failed to prove the appellant furnished inaccurate or concealed income particulars. Relying on legal precedents, the Tribunal held the penalty was unsustainable, leading to the deletion of the penalty and allowing the appellant's appeal. Case-Laws Income Tax Thu, 10 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441660