https://www.taxtmi.com/caselaws?id=208005 The Tribunal dismissed the appeal and upheld the decision to delete penalties imposed under section 271(1)(C) for disallowances on Foreign Usance Bill Interest and Prior Period expenses. The decision was based on the debatable nature of the issues, recent legal developments, and lack of evidence to prove false explanation by the assessee. The Tribunal emphasized that penalty under section 271(1)(C) is not automatic and criteria under explanation 1 were not fulfilled, leading to the deletion of the penalties. en-us Fri, 08 Jan 2010 00:00:00 +0530 Mon, 26 Dec 2011 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208005 The Tribunal dismissed the appeal and upheld the decision to delete penalties imposed under section 271(1)(C) for disallowances on Foreign Usance Bill Interest and Prior Period expenses. The decision was based on the debatable nature of the issues, recent legal developments, and lack of evidence to prove false explanation by the assessee. The Tribunal emphasized that penalty under section 271(1)(C) is not automatic and criteria under explanation 1 were not fulfilled, leading to the deletion of the penalties. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208005