https://www.taxtmi.com/caselaws?id=259311 The Tribunal allowed the appeal in part, finding that the penalty imposed for the disallowance of preliminary expenses and bad debts was not justified. The Tribunal held that the penalty order was within the time limit and dismissed the contention raised by the assessee. It was noted that since similar preliminary expenses were allowed in the previous assessment year and the disallowed bad debts were advances given to employees who had left, there was no justification for imposing a penalty in these circumstances. en-us Wed, 25 Mar 2015 00:00:00 +0530 Thu, 07 May 2015 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259311 The Tribunal allowed the appeal in part, finding that the penalty imposed for the disallowance of preliminary expenses and bad debts was not justified. The Tribunal held that the penalty order was within the time limit and dismissed the contention raised by the assessee. It was noted that since similar preliminary expenses were allowed in the previous assessment year and the disallowed bad debts were advances given to employees who had left, there was no justification for imposing a penalty in these circumstances. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259311