https://www.taxtmi.com/caselaws?id=361929 The ITAT allowed the appeal by the assessee, ruling that the disallowance of a deduction for bad and doubtful debts did not warrant a penalty under section 271(1)(c) as it was solely due to the lack of provision in the accounts, not constituting concealment or furnishing inaccurate particulars of income. The ITAT granted partial relief by allowing a deduction of Rs. 1.25 crores, setting aside the lower authorities' orders and deleting the penalty levy. en-us Thu, 14 Jun 2018 00:00:00 +0530 Fri, 15 Jun 2018 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361929 The ITAT allowed the appeal by the assessee, ruling that the disallowance of a deduction for bad and doubtful debts did not warrant a penalty under section 271(1)(c) as it was solely due to the lack of provision in the accounts, not constituting concealment or furnishing inaccurate particulars of income. The ITAT granted partial relief by allowing a deduction of Rs. 1.25 crores, setting aside the lower authorities' orders and deleting the penalty levy. Case-Laws Income Tax Thu, 14 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361929