https://www.taxtmi.com/caselaws?id=250083 The High Court upheld the Income Tax Appellate Tribunal's decision to delete penalties imposed under Section 271(1)(c) of the Income Tax Act for two assessment years. The Court agreed that in cases involving debatable issues, penalties for concealment of income are not justified. The Assessee had disclosed all material facts, and the disputed deduction issue was considered debatable with two possible opinions. Therefore, the High Court dismissed the appeals filed by the Revenue, affirming the deletion of penalties for both assessment years by the ITAT. en-us Mon, 23 Jun 2014 00:00:00 +0530 Sat, 02 Aug 2014 09:00:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250083 The High Court upheld the Income Tax Appellate Tribunal's decision to delete penalties imposed under Section 271(1)(c) of the Income Tax Act for two assessment years. The Court agreed that in cases involving debatable issues, penalties for concealment of income are not justified. The Assessee had disclosed all material facts, and the disputed deduction issue was considered debatable with two possible opinions. Therefore, the High Court dismissed the appeals filed by the Revenue, affirming the deletion of penalties for both assessment years by the ITAT. Case-Laws Income Tax Mon, 23 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250083