https://www.taxtmi.com/caselaws?id=373231 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It found that the disallowance of provisions for bad and doubtful debts did not constitute deliberate concealment or misreporting but rather a failure to meet a mandatory condition. Emphasizing the importance of considering specific circumstances and legal principles, the Tribunal concluded that the penalty imposition was not justified in this case. en-us Fri, 30 Nov 2018 00:00:00 +0530 Wed, 09 Jan 2019 08:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373231 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It found that the disallowance of provisions for bad and doubtful debts did not constitute deliberate concealment or misreporting but rather a failure to meet a mandatory condition. Emphasizing the importance of considering specific circumstances and legal principles, the Tribunal concluded that the penalty imposition was not justified in this case. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373231