https://www.taxtmi.com/caselaws?id=185858 The High Court dismissed the Tax Appeal, upholding the deletion of the penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal's decision to delete the penalty of Rs. 1,00,06,728 was confirmed, as the deductions claimed were not false or fabricated, but rather based on genuine disclosures. The Court found that the issue was highly debatable and that the assessee had made full disclosures, leading to the conclusion that there was no reason to interfere with the deletion of the penalty. en-us Wed, 17 Aug 2011 00:00:00 +0530 Tue, 30 Aug 2016 17:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185858 The High Court dismissed the Tax Appeal, upholding the deletion of the penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal's decision to delete the penalty of Rs. 1,00,06,728 was confirmed, as the deductions claimed were not false or fabricated, but rather based on genuine disclosures. The Court found that the issue was highly debatable and that the assessee had made full disclosures, leading to the conclusion that there was no reason to interfere with the deletion of the penalty. Case-Laws Income Tax Wed, 17 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185858