https://www.taxtmi.com/caselaws?id=234800 The Tribunal held that the provision made by the assessee was not for concealment but based on a bona fide belief due to the subsequent write-off of the principal amount. The claim was considered genuine, and no inaccuracies were found. Therefore, the penalty under section 271(1)(c) was deemed inapplicable, and the penalty of Rs. 1,25,56,250 was deleted. The appeal of the assessee was allowed, setting aside the penalty, as it was found that there was no intent to conceal income and the provision was a genuine accounting entry. en-us Fri, 21 Jun 2013 00:00:00 +0530 Fri, 28 Jun 2013 05:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234800 The Tribunal held that the provision made by the assessee was not for concealment but based on a bona fide belief due to the subsequent write-off of the principal amount. The claim was considered genuine, and no inaccuracies were found. Therefore, the penalty under section 271(1)(c) was deemed inapplicable, and the penalty of Rs. 1,25,56,250 was deleted. The appeal of the assessee was allowed, setting aside the penalty, as it was found that there was no intent to conceal income and the provision was a genuine accounting entry. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234800