https://www.taxtmi.com/caselaws?id=340882 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for assessment years 2008-09 and 2009-10. The dispute centered on disallowances of bad debts provision and reserve for schedule assets made by the Assessing Officer. The Tribunal emphasized the importance of disclosing all necessary facts and adhering to legal principles, ultimately ruling in favor of the assessee based on relevant accounting practices and legal precedents. The Revenue's appeals were dismissed, highlighting the significance of accurate disclosures to prevent penalties. en-us Fri, 24 Mar 2017 00:00:00 +0530 Wed, 29 Mar 2017 07:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340882 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for assessment years 2008-09 and 2009-10. The dispute centered on disallowances of bad debts provision and reserve for schedule assets made by the Assessing Officer. The Tribunal emphasized the importance of disclosing all necessary facts and adhering to legal principles, ultimately ruling in favor of the assessee based on relevant accounting practices and legal precedents. The Revenue's appeals were dismissed, highlighting the significance of accurate disclosures to prevent penalties. Case-Laws Income Tax Fri, 24 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340882