https://www.taxtmi.com/caselaws?id=310294 Both appeals by the assessee challenging the penalty under section 271(1)(c) for deemed dividend additions were allowed. The ITAT found that the penalties were unjustified, referencing a precedent where similar penalties were deleted for other group companies. The assessee had disclosed all relevant details, and the advances were part of regular business operations, making the issue debatable. Consequently, the penalties imposed by the AO and confirmed by the CIT(A) were deleted, with the decision pronounced on 29/06/2016. en-us Wed, 29 Jun 2016 00:00:00 +0530 Wed, 18 Oct 2023 05:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310294 Both appeals by the assessee challenging the penalty under section 271(1)(c) for deemed dividend additions were allowed. The ITAT found that the penalties were unjustified, referencing a precedent where similar penalties were deleted for other group companies. The assessee had disclosed all relevant details, and the advances were part of regular business operations, making the issue debatable. Consequently, the penalties imposed by the AO and confirmed by the CIT(A) were deleted, with the decision pronounced on 29/06/2016. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310294