https://www.taxtmi.com/caselaws?id=274148 The Tribunal partly allowed the appeals by dismissing the additional ground of Rs. 93,500 added to sales, deleting the addition of Rs. 6,66,643 as deemed dividend, allowing the claim of bad debts amounting to Rs. 29,28,311, and deleting penalties under section 271(1)(c) for both assessment years. The Tribunal considered factors such as trading nature of transactions, operational status of the business, lack of understanding of tax implications, and incorrect advice in its decisions. en-us Fri, 07 Jan 2011 00:00:00 +0530 Tue, 31 Jul 2018 13:27:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274148 The Tribunal partly allowed the appeals by dismissing the additional ground of Rs. 93,500 added to sales, deleting the addition of Rs. 6,66,643 as deemed dividend, allowing the claim of bad debts amounting to Rs. 29,28,311, and deleting penalties under section 271(1)(c) for both assessment years. The Tribunal considered factors such as trading nature of transactions, operational status of the business, lack of understanding of tax implications, and incorrect advice in its decisions. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274148