https://www.taxtmi.com/caselaws?id=417269 The Tribunal partially allowed the appeal, deleting the penalty for certain disallowances but upholding it for others under section 271(1)(c) of the Income Tax Act, 1961. The penalty related to disallowances of NPA assets was deleted as the claim followed RBI guidelines and was debatable. However, penalties on items like loss on sale of furniture and deduction u/s 80P(2)(d) were sustained as they were rightly disallowed. The decision underscored the need to assess the legitimacy of claims and avoid arbitrary imposition of penalties based on a thorough examination of the facts. en-us Wed, 29 Dec 2021 00:00:00 +0530 Wed, 19 Jan 2022 08:54:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417269 The Tribunal partially allowed the appeal, deleting the penalty for certain disallowances but upholding it for others under section 271(1)(c) of the Income Tax Act, 1961. The penalty related to disallowances of NPA assets was deleted as the claim followed RBI guidelines and was debatable. However, penalties on items like loss on sale of furniture and deduction u/s 80P(2)(d) were sustained as they were rightly disallowed. The decision underscored the need to assess the legitimacy of claims and avoid arbitrary imposition of penalties based on a thorough examination of the facts. Case-Laws Income Tax Wed, 29 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417269