https://www.taxtmi.com/caselaws?id=216161 The Tribunal dismissed the appeal and allowed the cross-objection, concluding that the penalty under section 271(1)(c) was not applicable. The claim for deduction concerning a provision made for non-performing asset (NPA) was withdrawn based on evolving legal interpretations and advice, deemed bona fide and not warranting penalty imposition. The Tribunal emphasized that debatable issues supported by legal interpretations do not constitute furnishing inaccurate particulars of income, ultimately ruling in favor of the assessee. en-us Thu, 18 Feb 2010 00:00:00 +0530 Fri, 07 Jun 2013 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216161 The Tribunal dismissed the appeal and allowed the cross-objection, concluding that the penalty under section 271(1)(c) was not applicable. The claim for deduction concerning a provision made for non-performing asset (NPA) was withdrawn based on evolving legal interpretations and advice, deemed bona fide and not warranting penalty imposition. The Tribunal emphasized that debatable issues supported by legal interpretations do not constitute furnishing inaccurate particulars of income, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 18 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216161