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of <h1>Appeal Successful: Penalty Overturned in Fresh Assessment</h1> <h3>Cash Flow Investment (I) Pvt. Ltd., Versus Income Tax Of f icer 5 (1) (3), Mumbai.</h3> The ITAT Mumbai allowed the assessee's appeal against a penalty of Rs. 8,40,000 under section 271(1)(c) for the assessment year 2005-06. The Tribunal ... - The Appellate Tribunal ITAT Mumbai allowed the appeal filed by the assessee against the penalty of Rs. 8,40,000 imposed under section 271(1)(c) for the assessment year 2005-06. The Tribunal had restored the matter to the AO for fresh consideration in a quantum appeal, leading to the penalty being set aside. The AO may initiate penalty proceedings again after making a fresh assessment.
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