https://www.taxtmi.com/highlights?id=79777 Assessee, a non-resident Indian, did not file return of income for AY 2014-15 as TDS on interest income from investment was deducted at 12.5% instead of 10% under India-UAE DTAA. Assessment order lacked direction or satisfaction for penalty proceedings u/s 271(1)(c). Case neither involved concealment nor furnishing inaccurate particulars of income as declared income was accepted. Assessee's belief of proper TDS deduction based on legitimate expectation accepted. Penalty proceedings unsustainable under law. Point determined in favor of assessee against revenue. en-us Sat, 27 Jul 2024 08:46:53 +0530 Sat, 27 Jul 2024 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79777 Assessee, a non-resident Indian, did not file return of income for AY 2014-15 as TDS on interest income from investment was deducted at 12.5% instead of 10% under India-UAE DTAA. Assessment order lacked direction or satisfaction for penalty proceedings u/s 271(1)(c). Case neither involved concealment nor furnishing inaccurate particulars of income as declared income was accepted. Assessee's belief of proper TDS deduction based on legitimate expectation accepted. Penalty proceedings unsustainable under law. Point determined in favor of assessee against revenue. Highlights Income Tax Sat, 27 Jul 2024 08:46:53 +0530 https://www.taxtmi.com/highlights?id=79777