https://www.taxtmi.com/highlights?id=27513 Penalty u/s 271(1)(c) - Assessee’s explanation and the claim has not been rebutted by bringing any material on record except for rejecting the same on the basis of presumption and surmise that the loss has been shown purely to set off the recovery of bad debts. Thus, the penalty levied on such a disallowance cannot be upheld and same is directed to be deleted on merits. - AT en-us Sat, 27 Feb 2016 15:43:34 +0530 Sat, 27 Feb 2016 15:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=27513 Penalty u/s 271(1)(c) - Assessee’s explanation and the claim has not been rebutted by bringing any material on record except for rejecting the same on the basis of presumption and surmise that the loss has been shown purely to set off the recovery of bad debts. Thus, the penalty levied on such a disallowance cannot be upheld and same is directed to be deleted on merits. - AT Highlights Income Tax Sat, 27 Feb 2016 15:43:34 +0530 https://www.taxtmi.com/highlights?id=27513