https://www.taxtmi.com/caselaws?id=169559 The Appellate Tribunal upheld the deletion of penalties under section 271(1)(c) in a case concerning advances of dormant contracts and advances shown under current liabilities. The Tribunal emphasized the bona fide actions of the assessee and the genuine disagreement over the taxability of income. It was ruled that penalties should not be imposed in cases where there are arguable issues and the assessee has acted in good faith to rectify any discrepancies in tax filings. The appeal by the Assessing Officer was dismissed, affirming the decision in favor of the assessee. en-us Wed, 21 Aug 2013 00:00:00 +0530 Wed, 01 Apr 2015 14:42:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169559 The Appellate Tribunal upheld the deletion of penalties under section 271(1)(c) in a case concerning advances of dormant contracts and advances shown under current liabilities. The Tribunal emphasized the bona fide actions of the assessee and the genuine disagreement over the taxability of income. It was ruled that penalties should not be imposed in cases where there are arguable issues and the assessee has acted in good faith to rectify any discrepancies in tax filings. The appeal by the Assessing Officer was dismissed, affirming the decision in favor of the assessee. Case-Laws Income Tax Wed, 21 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169559