https://www.taxtmi.com/caselaws?id=64389 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment years 2003-04 and 2004-05 was not justified. The Tribunal considered the explanations provided by the assessee to be bona fide and deemed the taxability of the amounts received to be highly debatable. Consequently, the penalty was not upheld, and the appeals were allowed. en-us Fri, 15 May 2009 00:00:00 +0530 Mon, 19 Sep 2016 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64389 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment years 2003-04 and 2004-05 was not justified. The Tribunal considered the explanations provided by the assessee to be bona fide and deemed the taxability of the amounts received to be highly debatable. Consequently, the penalty was not upheld, and the appeals were allowed. Case-Laws Income Tax Fri, 15 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64389