https://www.taxtmi.com/caselaws?id=184760 The appeal was against a penalty order u/s 271(1)(c) for disallowance of a bad debts claim. The Assessing Officer disallowed the claim and imposed a penalty, upheld by CIT(A). The Tribunal found the claim bona fide with all facts disclosed, negating the need for a penalty. The penalty was canceled, and the Assessee's appeal was allowed, emphasizing the necessity of full disclosure and establishing the bona fide nature of claims to avoid penalties under section 271(1)(c) of the IT Act. en-us Fri, 07 Jun 2013 00:00:00 +0530 Tue, 19 Jul 2016 14:51:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184760 The appeal was against a penalty order u/s 271(1)(c) for disallowance of a bad debts claim. The Assessing Officer disallowed the claim and imposed a penalty, upheld by CIT(A). The Tribunal found the claim bona fide with all facts disclosed, negating the need for a penalty. The penalty was canceled, and the Assessee's appeal was allowed, emphasizing the necessity of full disclosure and establishing the bona fide nature of claims to avoid penalties under section 271(1)(c) of the IT Act. Case-Laws Income Tax Fri, 07 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184760