https://www.taxtmi.com/caselaws?id=205774 The High Court dismissed the appeal as no question of law arose based on the Tribunal's findings. The Tribunal's decision to delete the penalty was upheld due to the debatable nature of the issues, including the deduction under section 80M of the Act. The Court found that the Assessing Officer's disallowances were debatable, especially regarding the intercorporate dividend and share transfer expenses, and there was no wrongful intent behind the club expenses claimed by the assessee. en-us Mon, 28 Feb 2011 00:00:00 +0530 Thu, 20 Dec 2012 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205774 The High Court dismissed the appeal as no question of law arose based on the Tribunal's findings. The Tribunal's decision to delete the penalty was upheld due to the debatable nature of the issues, including the deduction under section 80M of the Act. The Court found that the Assessing Officer's disallowances were debatable, especially regarding the intercorporate dividend and share transfer expenses, and there was no wrongful intent behind the club expenses claimed by the assessee. Case-Laws Income Tax Mon, 28 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205774