https://www.taxtmi.com/caselaws?id=179481 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the IT Act, 1961, on the grounds that the assessee had validly written off bad debts in its books, meeting statutory requirements. Additionally, the Tribunal supported the disallowance of bad debts claimed by the assessee, finding the claim made in good faith and compliant with legal provisions, rejecting the Revenue's argument for penalty imposition. The Tribunal dismissed the Revenue's appeal, affirming the assessee's actions as bona fide and in accordance with the law. en-us Wed, 09 Sep 2009 00:00:00 +0530 Wed, 02 Mar 2016 18:33:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179481 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the IT Act, 1961, on the grounds that the assessee had validly written off bad debts in its books, meeting statutory requirements. Additionally, the Tribunal supported the disallowance of bad debts claimed by the assessee, finding the claim made in good faith and compliant with legal provisions, rejecting the Revenue's argument for penalty imposition. The Tribunal dismissed the Revenue's appeal, affirming the assessee's actions as bona fide and in accordance with the law. Case-Laws Income Tax Wed, 09 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179481