Bombay HC dismisses penalties under Income Tax Act; upholds Tribunal's decision.

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 deletion of penalties due to removal of quantum additions in the assessee's appeal was upheld by the HC, leading to the dismissal of the appeals.

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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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