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2010 (11) TMI 807 - PUNJAB AND HARYANA HIGH COURTBad debts written off - Whether ITAT is justified in law in deleting the penalty imposed u/s 271(1)(c) ignoring the fact that the assessee had furnished inaccurate particulars of its income and had failed to substantiate its claim of bad debts written off - Held that:- In view of judgment of T.R.F. Ltd. (2010 (2) TMI 211 - SUPREME COURT) it is not necessary for the assessee to establish that the debt had already become irrecoverable. If the assessee takes a bonafide decision that it was necessary to write off the bad debts, the writing off may be justified. In any case, for levy of penalty, it has to be shown that the assessee had made concealment or had given wrong information to evade tax, there was no intention to evade tax - no substantial question of law arises, appeal is dismissed
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