https://www.taxtmi.com/caselaws?id=257117 The Tribunal upheld the decision of the First Appellate Authority to delete a penalty imposed under Section 271(1)(c) of the Income Tax Act. The penalty was levied due to a disallowance made under Section 40(a)(ia) for the assessment year 2005-06. The First Appellate Authority found that the disallowance was a debatable issue, the assessee had disclosed all transactions accurately, and the subsequent allowance by the Assessing Officer supported the deletion of the penalty. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. en-us Wed, 31 Dec 2014 00:00:00 +0530 Tue, 03 Mar 2015 07:51:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257117 The Tribunal upheld the decision of the First Appellate Authority to delete a penalty imposed under Section 271(1)(c) of the Income Tax Act. The penalty was levied due to a disallowance made under Section 40(a)(ia) for the assessment year 2005-06. The First Appellate Authority found that the disallowance was a debatable issue, the assessee had disclosed all transactions accurately, and the subsequent allowance by the Assessing Officer supported the deletion of the penalty. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. Case-Laws Income Tax Wed, 31 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257117