https://www.taxtmi.com/caselaws?id=349785 The High Court affirmed the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income Tax Act for disallowance of exemption under section 54. Despite pending appeals on quantum additions, the Court upheld the deletion based on the debatable legal issue and the Tribunal's rejection of Revenue's objections against the exemption. The Court dismissed the tax appeal, emphasizing the thorough examination by the Tribunal and the lack of suppression of material facts by the assessee. en-us Mon, 11 Sep 2017 00:00:00 +0530 Wed, 25 Oct 2017 08:19:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349785 The High Court affirmed the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income Tax Act for disallowance of exemption under section 54. Despite pending appeals on quantum additions, the Court upheld the deletion based on the debatable legal issue and the Tribunal's rejection of Revenue's objections against the exemption. The Court dismissed the tax appeal, emphasizing the thorough examination by the Tribunal and the lack of suppression of material facts by the assessee. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349785