https://www.taxtmi.com/caselaws?id=206964 The Tribunal reversed the penalty of Rs.73,85,322 imposed on the respondent assessee under Section 271(1)(c) of the Income Tax Act. The Tribunal considered the claim as business advances rather than bad debts, finding it bona fide and properly disclosed. The Tribunal held that the penalty should not be imposed, as the claim met the conditions under Section 29 read with Section 37(1) of the Act, and was outside the scope of Explanation (1) to Section 271(1)(c). The appeal was dismissed in favor of the assessee. en-us Fri, 18 Nov 2011 00:00:00 +0530 Wed, 23 Nov 2011 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206964 The Tribunal reversed the penalty of Rs.73,85,322 imposed on the respondent assessee under Section 271(1)(c) of the Income Tax Act. The Tribunal considered the claim as business advances rather than bad debts, finding it bona fide and properly disclosed. The Tribunal held that the penalty should not be imposed, as the claim met the conditions under Section 29 read with Section 37(1) of the Act, and was outside the scope of Explanation (1) to Section 271(1)(c). The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Fri, 18 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206964