https://www.taxtmi.com/caselaws?id=349217 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the IT Act, finding the assessee's treatment of interest earned on temporary deployment of borrowed funds in investments as debatable. The Tribunal noted the assessee's full disclosure of financial transactions and conflicting views on the treatment of interest income. Emphasizing the absence of revenue loss and supporting decisions in subsequent assessment years, the Tribunal concluded that the penalty imposition lacked merit. Consequently, the Revenue's appeal was dismissed, affirming the deletion of the penalty. en-us Thu, 07 Sep 2017 00:00:00 +0530 Mon, 09 Oct 2017 11:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349217 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the IT Act, finding the assessee's treatment of interest earned on temporary deployment of borrowed funds in investments as debatable. The Tribunal noted the assessee's full disclosure of financial transactions and conflicting views on the treatment of interest income. Emphasizing the absence of revenue loss and supporting decisions in subsequent assessment years, the Tribunal concluded that the penalty imposition lacked merit. Consequently, the Revenue's appeal was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Thu, 07 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349217