https://www.taxtmi.com/caselaws?id=351661 The ITAT dismissed the Department's appeal against the deletion of a penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2002-03. The penalty was imposed due to the disallowance of bad debts claimed by the assessee, but the ITAT upheld the deletion, stating that the mere writing off of bad debts is sufficient for claiming deduction. The ITAT found that the penalty imposition was not justified as there was no evidence contradicting the write-off and the assessee did not furnish inaccurate particulars. en-us Wed, 25 Oct 2017 00:00:00 +0530 Wed, 29 Nov 2017 07:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351661 The ITAT dismissed the Department's appeal against the deletion of a penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2002-03. The penalty was imposed due to the disallowance of bad debts claimed by the assessee, but the ITAT upheld the deletion, stating that the mere writing off of bad debts is sufficient for claiming deduction. The ITAT found that the penalty imposition was not justified as there was no evidence contradicting the write-off and the assessee did not furnish inaccurate particulars. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351661