https://www.taxtmi.com/caselaws?id=328161 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961, as the assessee's provision for bad and doubtful debts, withdrawn due to a retrospective amendment, was made in good faith. The penalty order was deemed unjustified as the claim was initially permissible and only became untenable post-amendment. Additionally, the penalty order was invalidated due to lack of specificity in the charge. The appeal of the Revenue was dismissed, and the penalty deletion was affirmed. en-us Mon, 02 May 2016 00:00:00 +0530 Fri, 27 May 2016 10:12:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328161 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961, as the assessee's provision for bad and doubtful debts, withdrawn due to a retrospective amendment, was made in good faith. The penalty order was deemed unjustified as the claim was initially permissible and only became untenable post-amendment. Additionally, the penalty order was invalidated due to lack of specificity in the charge. The appeal of the Revenue was dismissed, and the penalty deletion was affirmed. Case-Laws Income Tax Mon, 02 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328161