https://www.taxtmi.com/caselaws?id=377141 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was based on a disallowed bad debt amount, which the Tribunal had previously ruled should be considered as a business loss. As the basis for the penalty was nullified by the Tribunal's earlier decision, it was deemed unjustified. Therefore, the Tribunal canceled the penalty and set aside the orders of the Revenue authorities. The judgment was pronounced on 22nd March 2019. en-us Fri, 22 Mar 2019 00:00:00 +0530 Mon, 25 Mar 2019 05:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377141 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was based on a disallowed bad debt amount, which the Tribunal had previously ruled should be considered as a business loss. As the basis for the penalty was nullified by the Tribunal's earlier decision, it was deemed unjustified. Therefore, the Tribunal canceled the penalty and set aside the orders of the Revenue authorities. The judgment was pronounced on 22nd March 2019. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377141