https://www.taxtmi.com/caselaws?id=180145 The Tribunal upheld the CIT (Appeals) decisions, ruling that the penalties under Section 271(1)(c) of the Income Tax Act were not justified as the issue of classifying the sales tax subsidy as a capital or revenue receipt was debatable. The appeals by the Revenue for the assessment years 2005-06 and 2006-07 were dismissed, affirming that the assessee had not concealed income or furnished inaccurate particulars. en-us Wed, 25 Sep 2013 00:00:00 +0530 Sat, 05 Nov 2016 22:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180145 The Tribunal upheld the CIT (Appeals) decisions, ruling that the penalties under Section 271(1)(c) of the Income Tax Act were not justified as the issue of classifying the sales tax subsidy as a capital or revenue receipt was debatable. The appeals by the Revenue for the assessment years 2005-06 and 2006-07 were dismissed, affirming that the assessee had not concealed income or furnished inaccurate particulars. Case-Laws Income Tax Wed, 25 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180145