https://www.taxtmi.com/caselaws?id=179884 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2004-05. The penalty was initially imposed by the AO but later deleted by the ld. CIT(A) based on the assessee's submissions. The Tribunal found that the issue of claiming a business loss for abandoned cafeteria project expenses was debatable, with the assessee making full disclosure in its return of income. Relying on precedent, the Tribunal concluded that the claim, though unsustainable, did not warrant a penalty. The Revenue's appeal was dismissed. en-us Fri, 11 May 2012 00:00:00 +0530 Fri, 11 Mar 2016 14:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179884 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2004-05. The penalty was initially imposed by the AO but later deleted by the ld. CIT(A) based on the assessee's submissions. The Tribunal found that the issue of claiming a business loss for abandoned cafeteria project expenses was debatable, with the assessee making full disclosure in its return of income. Relying on precedent, the Tribunal concluded that the claim, though unsustainable, did not warrant a penalty. The Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179884