https://www.taxtmi.com/caselaws?id=331479 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for the assessment year 2009-10. The penalty was challenged by a public limited company engaged in trading television picture tubes, regarding the categorization of a loss as revenue or capital. The Tribunal held that the write-off was correctly disclosed in the audited financial statements, and there was no intention to furnish inaccurate particulars. Relying on precedent, the Tribunal set aside the penalty, emphasizing that a debatable claim does not warrant a penalty under section 271(1)(c). The penalty was directed to be deleted, following the decision in CIT vs. Reliance Petro Products Ltd. en-us Mon, 23 May 2016 00:00:00 +0530 Wed, 24 Aug 2016 11:02:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331479 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for the assessment year 2009-10. The penalty was challenged by a public limited company engaged in trading television picture tubes, regarding the categorization of a loss as revenue or capital. The Tribunal held that the write-off was correctly disclosed in the audited financial statements, and there was no intention to furnish inaccurate particulars. Relying on precedent, the Tribunal set aside the penalty, emphasizing that a debatable claim does not warrant a penalty under section 271(1)(c). The penalty was directed to be deleted, following the decision in CIT vs. Reliance Petro Products Ltd. Case-Laws Income Tax Mon, 23 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331479