https://www.taxtmi.com/caselaws?id=212689 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to cancel penalties for AY 2003-04 and AY 2004-05. It was held that the assessee's claims were bona fide, and the disallowance of deductions did not indicate concealment or inaccurate particulars. The Tribunal emphasized that penalty imposition requires a finding of concealment, which was not proven. The issues were deemed debatable, supported by judicial precedents, and there was no evidence of wrongdoing by the assessee. en-us Fri, 09 Mar 2012 00:00:00 +0530 Tue, 19 Apr 2016 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212689 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to cancel penalties for AY 2003-04 and AY 2004-05. It was held that the assessee's claims were bona fide, and the disallowance of deductions did not indicate concealment or inaccurate particulars. The Tribunal emphasized that penalty imposition requires a finding of concealment, which was not proven. The issues were deemed debatable, supported by judicial precedents, and there was no evidence of wrongdoing by the assessee. Case-Laws Income Tax Fri, 09 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212689