https://www.taxtmi.com/caselaws?id=185588 The Tribunal dismissed the revenue's appeal against the deletion of a penalty of Rs. 60,89,535/- under section 271(1)(c) for the assessment year 1993-94. It was held that the disallowances made by the assessee were based on a debatable interpretation of law and not indicative of furnishing inaccurate particulars or concealment of income. The Tribunal found that the claims were made in good faith, leading to the conclusion that the penalty was not justified. en-us Fri, 30 Apr 2010 00:00:00 +0530 Sat, 20 Aug 2016 17:01:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185588 The Tribunal dismissed the revenue's appeal against the deletion of a penalty of Rs. 60,89,535/- under section 271(1)(c) for the assessment year 1993-94. It was held that the disallowances made by the assessee were based on a debatable interpretation of law and not indicative of furnishing inaccurate particulars or concealment of income. The Tribunal found that the claims were made in good faith, leading to the conclusion that the penalty was not justified. Case-Laws Income Tax Fri, 30 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185588