Penalty u/s 271(1)(c) for Disallowed Bad Debts – Tribunal Upholds Deletion by CIT(A)

DCIT Vs World Series Hockey Private Limited (ITAT Mumbai)

Penalty u/s 271(1)(c) for Disallowed Bad Debts – Tribunal Upholds Deletion by CIT(A)- No Penalty for Mere Disallowance – Claim of Bad Debts Made in Good Faith- Difference of Opinion Can’t Invite Penalty u/s 271(1)(c)

Assessee filed its return for AY 2012-13 declaring a loss of ₹1.04 crore. Assessment was completed u/s 143(3) determining income at ₹5.31 crore after disallowing ₹6.95 crore claimed as bad debts written off.

AO held that since it was the first year of business, there could be no claim o

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