https://www.taxtmi.com/caselaws?id=78894 The Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2001-2002. The respondent-assessee's explanation regarding provision for doubtful debts and loss on sale of assets was deemed bonafide and genuine. The Court found that the Tribunal did not err in accepting the explanation as bonafide, as per the conditions of Section 271(1)(c) and Explanation 1. The appeal by the Revenue was dismissed for lacking merit. en-us Thu, 09 Sep 2010 00:00:00 +0530 Tue, 06 Sep 2011 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78894 The Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2001-2002. The respondent-assessee's explanation regarding provision for doubtful debts and loss on sale of assets was deemed bonafide and genuine. The Court found that the Tribunal did not err in accepting the explanation as bonafide, as per the conditions of Section 271(1)(c) and Explanation 1. The appeal by the Revenue was dismissed for lacking merit. Case-Laws Income Tax Thu, 09 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78894