https://www.taxtmi.com/caselaws?id=181486 The Tribunal upheld the cancellation of penalty under section 271(1)(c) for assessment years 1994-95 and 1995-96, citing conflicting decisions and the debatable nature of the issue regarding the claim of deduction under section 80-O on gross receipts or net receipts. The Tribunal found no infirmity in the cancellation of penalty, referencing the judgment in Reliance Petroproducts Pvt. Ltd. The Revenue's appeals were dismissed, and the assessee's justification for the cancellation of penalty was accepted based on the debatable nature of the issue and the disclosure of the claim in its income computation. en-us Fri, 21 Oct 2011 00:00:00 +0530 Mon, 18 Apr 2016 16:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181486 The Tribunal upheld the cancellation of penalty under section 271(1)(c) for assessment years 1994-95 and 1995-96, citing conflicting decisions and the debatable nature of the issue regarding the claim of deduction under section 80-O on gross receipts or net receipts. The Tribunal found no infirmity in the cancellation of penalty, referencing the judgment in Reliance Petroproducts Pvt. Ltd. The Revenue's appeals were dismissed, and the assessee's justification for the cancellation of penalty was accepted based on the debatable nature of the issue and the disclosure of the claim in its income computation. Case-Laws Income Tax Fri, 21 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181486