https://www.taxtmi.com/caselaws?id=343308 The Tribunal allowed the assessee's appeals for assessment years 2003-04 and 2004-05, setting aside the penalties imposed under section 271(1)(c) of the Income Tax Act. For 2003-04, the penalty for bad debts written off was not sustained due to pending verification. In 2004-05, the penalty for interest on sticky loans was deleted as the claim was found justified despite the Assessing Officer's oversight. The Tribunal disagreed with the lower authority's decisions, leading to the penalties being overturned in both cases. en-us Fri, 19 May 2017 00:00:00 +0530 Tue, 23 May 2017 07:52:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343308 The Tribunal allowed the assessee's appeals for assessment years 2003-04 and 2004-05, setting aside the penalties imposed under section 271(1)(c) of the Income Tax Act. For 2003-04, the penalty for bad debts written off was not sustained due to pending verification. In 2004-05, the penalty for interest on sticky loans was deleted as the claim was found justified despite the Assessing Officer's oversight. The Tribunal disagreed with the lower authority's decisions, leading to the penalties being overturned in both cases. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343308