https://www.taxtmi.com/caselaws?id=430908 The ITAT allowed the appeals, deleting the penalty under Section 271(1)(c) for both assessment years. The Tribunal found the classification of interest income as capital or revenue to be debatable, with the assessee making full disclosures, leading to the penalty's removal. The AO's initial penalty was reduced by the CIT(A) due to the issue's debatable nature, ultimately resulting in the ITAT deleting the penalty for both years. en-us Mon, 21 Nov 2022 00:00:00 +0530 Thu, 01 Dec 2022 07:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430908 The ITAT allowed the appeals, deleting the penalty under Section 271(1)(c) for both assessment years. The Tribunal found the classification of interest income as capital or revenue to be debatable, with the assessee making full disclosures, leading to the penalty's removal. The AO's initial penalty was reduced by the CIT(A) due to the issue's debatable nature, ultimately resulting in the ITAT deleting the penalty for both years. Case-Laws Income Tax Mon, 21 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430908