https://www.taxtmi.com/caselaws?id=234162 The case involved the disallowance of a bad debt claimed by the assessee related to the unrealized amount from the sale of a factory shed. The Assessing Officer disallowed the claim, considering it a capital loss. The Commissioner of Income Tax (Appeals) upheld the disallowance, stating only a loss of revenue nature could be claimed as a bad debt. The tribunal ruled in favor of the assessee, canceling the penalty under section 271(1)(c) of the Act, as all relevant facts were disclosed, and the disallowance did not warrant a penalty. en-us Tue, 30 Apr 2013 00:00:00 +0530 Fri, 31 May 2013 06:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234162 The case involved the disallowance of a bad debt claimed by the assessee related to the unrealized amount from the sale of a factory shed. The Assessing Officer disallowed the claim, considering it a capital loss. The Commissioner of Income Tax (Appeals) upheld the disallowance, stating only a loss of revenue nature could be claimed as a bad debt. The tribunal ruled in favor of the assessee, canceling the penalty under section 271(1)(c) of the Act, as all relevant facts were disclosed, and the disallowance did not warrant a penalty. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234162