https://www.taxtmi.com/caselaws?id=430538 The ITAT ruled in favor of the assessee, leading to the deletion of penalties in all assessment years. The basis for imposing penalties on disallowance of interest, loss under Section 94(7)/94(8), club expenses, disallowances under Section 14A, computational error, and penalty quantification under Section 80G were all reversed due to various reasons such as deletion of quantum addition, bona fide error, debatable nature of issues, and adherence to legal precedents. As a result, all issues raised in the appeals were decided in favor of the assessee, resulting in the allowance of all three appeals. en-us Wed, 31 Aug 2022 00:00:00 +0530 Mon, 21 Nov 2022 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430538 The ITAT ruled in favor of the assessee, leading to the deletion of penalties in all assessment years. The basis for imposing penalties on disallowance of interest, loss under Section 94(7)/94(8), club expenses, disallowances under Section 14A, computational error, and penalty quantification under Section 80G were all reversed due to various reasons such as deletion of quantum addition, bona fide error, debatable nature of issues, and adherence to legal precedents. As a result, all issues raised in the appeals were decided in favor of the assessee, resulting in the allowance of all three appeals. Case-Laws Income Tax Wed, 31 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430538