https://www.taxtmi.com/caselaws?id=766645 ITAT Mumbai held that penalty u/s 271(1)(c) cannot be levied on TP adjustment for interest-free loans to associated enterprises when the issue is debatable. The assessee had disclosed necessary facts in the return and the HC admitted appeal on substantial question of law, indicating the matter involves arguable legal points with possible different views. Since the quantum assessment issue was pending before HC and the legal position was debatable, penalty for furnishing inaccurate particulars was not justified. Revenue's appeal dismissed. en-us Thu, 27 Feb 2025 00:00:00 +0530 Sat, 01 Mar 2025 08:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766645 ITAT Mumbai held that penalty u/s 271(1)(c) cannot be levied on TP adjustment for interest-free loans to associated enterprises when the issue is debatable. The assessee had disclosed necessary facts in the return and the HC admitted appeal on substantial question of law, indicating the matter involves arguable legal points with possible different views. Since the quantum assessment issue was pending before HC and the legal position was debatable, penalty for furnishing inaccurate particulars was not justified. Revenue's appeal dismissed. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766645