No penalty if assessee raised a bona fide claim of ‘provision for bad debts’

IN THE ITAT KOLKATA BENCH ‘B’ Deputy Commissioner of Income-tax versus VRB Investment (P.) Ltd IT APPEAL NO. 654 (KOL.) OF 2012 A.Y.  2005-06 Date of pronouncement – 25.09.2012 ORDER Sanjay Arora, Accountant Member This is an Appeal by the Revenue directed against the Order by the Commissioner of Income-tax (Appeals)-VI. Kolkata (‘CIT(A)’ for short) dated 12-12-2011, deleting the levy of penalty by the Assessing Officer (AO) u/s. 271(1)( c) of the Income-tax Act, 1961 (‘the Act’ hereinafter) for the assessment year (A.Y.) 2005-06 vide...