https://www.taxtmi.com/caselaws?id=199827 The Tribunal ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) of the Act specifically related to the addition of bad debts amounting to Rs. 74,54,700. The decision was based on the acceptance of a substantial question of law by the High Court, indicating the debatable nature of the addition and exempting it from penalty, following legal precedents. The Tribunal clarified that the penalty deletion was limited to the specific addition in question, aligning with the decision in the case of M/s Nayan Builders & Developers Pvt. Ltd. en-us Tue, 02 Sep 2014 00:00:00 +0530 Tue, 13 Mar 2018 21:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199827 The Tribunal ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) of the Act specifically related to the addition of bad debts amounting to Rs. 74,54,700. The decision was based on the acceptance of a substantial question of law by the High Court, indicating the debatable nature of the addition and exempting it from penalty, following legal precedents. The Tribunal clarified that the penalty deletion was limited to the specific addition in question, aligning with the decision in the case of M/s Nayan Builders & Developers Pvt. Ltd. Case-Laws Income Tax Tue, 02 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199827