https://www.taxtmi.com/caselaws?id=327422 The Tribunal upheld the penalty under section 271(1)(c) for the bogus write off of bad debts and interest claimed as deduction. The decision emphasized the lack of genuineness in the claims and the erroneous shifting of interest, justifying the penalty imposition. The Commissioner of Income Tax (Appeals) decision to delete the penalty was overturned, and the Assessing Officer's decision was restored, allowing the Revenue's appeal. en-us Tue, 29 Mar 2016 00:00:00 +0530 Wed, 11 May 2016 10:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327422 The Tribunal upheld the penalty under section 271(1)(c) for the bogus write off of bad debts and interest claimed as deduction. The decision emphasized the lack of genuineness in the claims and the erroneous shifting of interest, justifying the penalty imposition. The Commissioner of Income Tax (Appeals) decision to delete the penalty was overturned, and the Assessing Officer's decision was restored, allowing the Revenue's appeal. Case-Laws Income Tax Tue, 29 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327422