https://www.taxtmi.com/caselaws?id=390156 The ITAT dismissed the Revenue's appeal challenging the deletion of penalty under section 271(1)(c) for disallowance of bonus provision, citing lack of merit and tax effect below the limit. The ITAT allowed the assessee's appeal regarding penalty for non-disclosure of profits from the Sri Lanka branch, emphasizing debatable tax issues and the bona fide belief of the assessee. The judgments were pronounced on December 20, 2019, with the Revenue's appeal dismissed and the assessee's appeal allowed. en-us Fri, 20 Dec 2019 00:00:00 +0530 Tue, 24 Dec 2019 08:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390156 The ITAT dismissed the Revenue's appeal challenging the deletion of penalty under section 271(1)(c) for disallowance of bonus provision, citing lack of merit and tax effect below the limit. The ITAT allowed the assessee's appeal regarding penalty for non-disclosure of profits from the Sri Lanka branch, emphasizing debatable tax issues and the bona fide belief of the assessee. The judgments were pronounced on December 20, 2019, with the Revenue's appeal dismissed and the assessee's appeal allowed. Case-Laws Income Tax Fri, 20 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390156