https://www.taxtmi.com/caselaws?id=325353 The Tribunal allowed the appeal against the penalty order under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal held that penalties cannot be imposed on debatable issues and that the penalty was not justified in the absence of proven falsity in the explanation provided by the assessee. Consequently, the penalty imposed by the Assessing Officer and confirmed by the CIT(A) was set aside in favor of the assessee. en-us Wed, 03 Feb 2016 00:00:00 +0530 Thu, 17 Mar 2016 10:12:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325353 The Tribunal allowed the appeal against the penalty order under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal held that penalties cannot be imposed on debatable issues and that the penalty was not justified in the absence of proven falsity in the explanation provided by the assessee. Consequently, the penalty imposed by the Assessing Officer and confirmed by the CIT(A) was set aside in favor of the assessee. Case-Laws Income Tax Wed, 03 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325353