https://www.taxtmi.com/caselaws?id=421714 The ITAT upheld the deletion of penalties by the CIT(A) in a tax case involving issues such as penalty deletion under Section 271(1)(c) of the Income Tax Act, transfer pricing adjustments, disallowance of depreciation, and disallowance of deduction under Section 80-IA. The ITAT ruled in favor of the assessee, emphasizing that penalties were unwarranted as the assessee had disclosed all material facts, and the disputed issues were debatable or based on differences in interpretation. The decision aligned with previous rulings in the assessee's favor, highlighting the importance of good faith and diligence in tax compliance. en-us Fri, 22 Apr 2022 00:00:00 +0530 Fri, 29 Apr 2022 09:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421714 The ITAT upheld the deletion of penalties by the CIT(A) in a tax case involving issues such as penalty deletion under Section 271(1)(c) of the Income Tax Act, transfer pricing adjustments, disallowance of depreciation, and disallowance of deduction under Section 80-IA. The ITAT ruled in favor of the assessee, emphasizing that penalties were unwarranted as the assessee had disclosed all material facts, and the disputed issues were debatable or based on differences in interpretation. The decision aligned with previous rulings in the assessee's favor, highlighting the importance of good faith and diligence in tax compliance. Case-Laws Income Tax Fri, 22 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421714