https://www.taxtmi.com/caselaws?id=185587 The appeal filed by the Revenue against the cancellation of the penalty of Rs. 2,15,24,700/- levied under section 271(1)(c) of the Income Tax Act was dismissed. The Tribunal considered the disputed additions as debatable issues not warranting a penalty, including disallowed interest on tax-free investments, premium amortization, difference in investment depreciation, and lease depreciation. The Tribunal upheld the order of the Commissioner of Income Tax (Appeals) canceling the penalty, emphasizing full disclosures and previous allowances. The judgment was pronounced on June 24th, 2011. en-us Fri, 24 Jun 2011 00:00:00 +0530 Sat, 20 Aug 2016 16:28:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185587 The appeal filed by the Revenue against the cancellation of the penalty of Rs. 2,15,24,700/- levied under section 271(1)(c) of the Income Tax Act was dismissed. The Tribunal considered the disputed additions as debatable issues not warranting a penalty, including disallowed interest on tax-free investments, premium amortization, difference in investment depreciation, and lease depreciation. The Tribunal upheld the order of the Commissioner of Income Tax (Appeals) canceling the penalty, emphasizing full disclosures and previous allowances. The judgment was pronounced on June 24th, 2011. Case-Laws Income Tax Fri, 24 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185587