https://www.taxtmi.com/caselaws?id=248035 The Tribunal quashed the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding that the assessee's explanation for claiming bad debts written off was bona fide. Despite the claim being disallowed, the Tribunal held that it did not amount to furnishing inaccurate particulars of income. Emphasizing the a bona fide claim does not attract penalty, the Tribunal allowed the assessee's appeal, highlighting the distinction between penalty and quantum proceedings. en-us Thu, 24 Apr 2014 00:00:00 +0530 Fri, 30 May 2014 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248035 The Tribunal quashed the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding that the assessee's explanation for claiming bad debts written off was bona fide. Despite the claim being disallowed, the Tribunal held that it did not amount to furnishing inaccurate particulars of income. Emphasizing the a bona fide claim does not attract penalty, the Tribunal allowed the assessee's appeal, highlighting the distinction between penalty and quantum proceedings. Case-Laws Income Tax Thu, 24 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248035