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2015 (8) TMI 846 - AT - Income TaxPenalty u/s 271(1)(c) - deduction on account of provision for bad and doubtful debts as per RBI guidelines - CIT(A) deleted the penalty - Held that:- Allowability of deduction u/s 36(1)(vii) and 36(1)(viia) of the Act in respect of provision for bad and doubtful debts as per RBI Guidelines was debatable issue when the return of income was filed by the assessee and therefore, the disallowance is all right but it cannot be considered as concealment of income or furnishing of inaccurate particulars of income and therefore, penalty is not justified. See Southern Technologies Ltd. v. JCIT, [2010 (1) TMI 5 - SUPREME COURT OF INDIA] and Catholic Syrian Bank Ltd. v.CIT, [2012 (2) TMI 262 - SUPREME COURT OF INDIA] - Decided against revenue
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