https://www.taxtmi.com/caselaws?id=262929 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act, emphasizing the inadvertent nature of the claim made by the assessee based on RBI guidelines. The Tribunal also noted the debatable interpretation of provisions related to deduction for bad and doubtful debts under sections 36(1)(vii) and 36(1)(viia) and dismissed the Revenue's appeal, considering the short timeframe for filing a revised return post a Supreme Court judgment. en-us Fri, 14 Aug 2015 00:00:00 +0530 Sat, 22 Aug 2015 07:54:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262929 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act, emphasizing the inadvertent nature of the claim made by the assessee based on RBI guidelines. The Tribunal also noted the debatable interpretation of provisions related to deduction for bad and doubtful debts under sections 36(1)(vii) and 36(1)(viia) and dismissed the Revenue's appeal, considering the short timeframe for filing a revised return post a Supreme Court judgment. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262929