https://www.taxtmi.com/caselaws?id=370047 The tribunal allowed the appeals, deleting the penalties levied under Section 271(1)(c) for both AY 2006-07 and 2005-06. The tribunal held that the assessee's explanations were bonafide, the issues were debatable, and the full disclosures were made. The decision was based on the interpretation of the newly introduced Chapter XII-G. The Hon'ble Bombay High Court's admission of substantial questions of law further supported the tribunal's conclusion. en-us Fri, 02 Nov 2018 00:00:00 +0530 Mon, 08 Aug 2022 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370047 The tribunal allowed the appeals, deleting the penalties levied under Section 271(1)(c) for both AY 2006-07 and 2005-06. The tribunal held that the assessee's explanations were bonafide, the issues were debatable, and the full disclosures were made. The decision was based on the interpretation of the newly introduced Chapter XII-G. The Hon'ble Bombay High Court's admission of substantial questions of law further supported the tribunal's conclusion. Case-Laws Income Tax Fri, 02 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370047