https://www.taxtmi.com/caselaws?id=258041 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income-tax Act, emphasizing that penalties cannot be imposed on debatable issues, estimated additions, or where the assessee's explanation is bona fide. The appeal by the Revenue challenging the deletion of the penalty amounting to Rs. 73,35,800 was dismissed. The Tribunal also ruled in favor of the assessee regarding the taxability of offshore supply of equipment, onshore supply and contract receipts, fees for design and engineering services, and foreign exchange fluctuation gain. en-us Fri, 28 Jun 2013 00:00:00 +0530 Mon, 30 Mar 2015 08:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258041 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income-tax Act, emphasizing that penalties cannot be imposed on debatable issues, estimated additions, or where the assessee's explanation is bona fide. The appeal by the Revenue challenging the deletion of the penalty amounting to Rs. 73,35,800 was dismissed. The Tribunal also ruled in favor of the assessee regarding the taxability of offshore supply of equipment, onshore supply and contract receipts, fees for design and engineering services, and foreign exchange fluctuation gain. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258041