https://www.taxtmi.com/caselaws?id=250084 The Court upheld the Department's appeal, emphasizing the obligation of the Assessee to disclose unreported income under Section 271(1)(c) of the Income Tax Act, 1961. However, the Assessee's appeal regarding the deduction of a written-off debt under Section 41(1) was successful, as the Court agreed that the Assessee's interpretation was reasonable, and penalty under Section 271 was not warranted. The Court clarified the distinction between debts unilaterally written off by the Assessee and those declared time-barred by creditors or courts, affirming the Assessee's obligation to reflect the written-off amount as income. en-us Wed, 02 Jul 2014 00:00:00 +0530 Fri, 20 Feb 2015 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250084 The Court upheld the Department's appeal, emphasizing the obligation of the Assessee to disclose unreported income under Section 271(1)(c) of the Income Tax Act, 1961. However, the Assessee's appeal regarding the deduction of a written-off debt under Section 41(1) was successful, as the Court agreed that the Assessee's interpretation was reasonable, and penalty under Section 271 was not warranted. The Court clarified the distinction between debts unilaterally written off by the Assessee and those declared time-barred by creditors or courts, affirming the Assessee's obligation to reflect the written-off amount as income. Case-Laws Income Tax Wed, 02 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250084