High Court affirms Tribunal decision on penalty under Income Tax Act

The High Court of Bombay upheld the Income Tax Appellate Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961, finding that the penalty was not justified as the expenditure claimed was related to legal/professional charges and not concealing income. The appeal was dismissed with no costs.

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The High Court of Bombay upheld the Income Tax Appellate Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the penalty was not justified as the expenditure claimed by the assessee was related to legal/professional charges and not a case of concealing income. The appeal was dismissed with no costs.

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