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of <h1>Bombay HC dismisses penalties under Income Tax Act; upholds Tribunal's decision.</h1> The Bombay HC dismissed the penalty imposed by the AO under Section 271(1)(C) of the Income Tax Act against the respondent-assessee. The Tribunal's ... Penalty u/s 271(1)(C) - Tribunal deleted the penalty on the grounds that quantum additions have been deleted in the assessee's appeal - By separate order passed today in R.M. INVESTMENT AND TRADING CO. PVT. LTD. [2019 (4) TMI 1232 - BOMBAY HIGH COURT] we have dismissed the Revenue's Appeal against the subject judgment of the Tribunal. In the result, these Appeals also stand dismissed. The Bombay High Court dismissed the penalty imposed by the Assessing Officer under Section 271(1)(C) of the Income Tax Act, 1961 against the respondent-assessee. The Tribunal deleted the penalty as quantum additions were removed in the assessee's appeal. The High Court upheld the Tribunal's decision, resulting in the dismissal of the appeals.
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