https://www.taxtmi.com/caselaws?id=277236 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed on the assessee for the assessment year 2001-02. The dispute arose from the treatment of bad debts written off by the assessee, with the Revenue arguing that the write-off did not comply with section 36(2) of the Income Tax Act, 1961. The Tribunal found that the assessee had not concealed any facts and that the issue stemmed from an interpretation of the law rather than deliberate misconduct. Consequently, the Tribunal dismissed the Revenue's appeal, ruling in favor of the assessee. en-us Tue, 29 Nov 2011 00:00:00 +0530 Thu, 29 Nov 2018 15:43:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277236 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed on the assessee for the assessment year 2001-02. The dispute arose from the treatment of bad debts written off by the assessee, with the Revenue arguing that the write-off did not comply with section 36(2) of the Income Tax Act, 1961. The Tribunal found that the assessee had not concealed any facts and that the issue stemmed from an interpretation of the law rather than deliberate misconduct. Consequently, the Tribunal dismissed the Revenue's appeal, ruling in favor of the assessee. Case-Laws Income Tax Tue, 29 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277236