https://www.taxtmi.com/caselaws?id=310323 The appeal against the penalty levied under section 271(1)(c) for AY 2008-09 was allowed. The Coordinate Bench deleted the penalty after removing additions related to unexplained jewelry and interest income, citing precedents and CBDT Circulars. Additionally, penalties on deemed dividends were dismissed, as such transactions were deemed part of regular business activities. Consistent decisions in similar group cases led to the conclusion that the penalty was unjustified. Consequently, the penalty imposed on the assessee was deleted, and the appeal was upheld. en-us Fri, 10 Nov 2017 00:00:00 +0530 Wed, 18 Oct 2023 20:45:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310323 The appeal against the penalty levied under section 271(1)(c) for AY 2008-09 was allowed. The Coordinate Bench deleted the penalty after removing additions related to unexplained jewelry and interest income, citing precedents and CBDT Circulars. Additionally, penalties on deemed dividends were dismissed, as such transactions were deemed part of regular business activities. Consistent decisions in similar group cases led to the conclusion that the penalty was unjustified. Consequently, the penalty imposed on the assessee was deleted, and the appeal was upheld. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310323