https://www.taxtmi.com/caselaws?id=183881 The Tribunal upheld the CIT (A)'s decision to delete the penalty imposed under section 271(1)(c) of the Act. The Revenue's appeal against the deletion of the penalty of Rs. 12,58,371/- was dismissed, with the Tribunal finding that the assessee's explanation for the disputed amount was bona fide. Additionally, the Tribunal ruled that the provisions of section 41(1) were not applicable as there was no cessation or remission of liability by the creditor. The order was pronounced on 26-10-2012. en-us Fri, 26 Oct 2012 00:00:00 +0530 Thu, 23 Jun 2016 18:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183881 The Tribunal upheld the CIT (A)'s decision to delete the penalty imposed under section 271(1)(c) of the Act. The Revenue's appeal against the deletion of the penalty of Rs. 12,58,371/- was dismissed, with the Tribunal finding that the assessee's explanation for the disputed amount was bona fide. Additionally, the Tribunal ruled that the provisions of section 41(1) were not applicable as there was no cessation or remission of liability by the creditor. The order was pronounced on 26-10-2012. Case-Laws Income Tax Fri, 26 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183881