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of <h1>Penalty under Income Tax Act cancelled by ITAT Mumbai for assessment year 2003-04</h1> <h3>Assistant Commissioner of Income Tax 11 (1) Versus M/s Viacom 18 Media P. Ltd., Mumbai</h3> The ITAT Mumbai upheld the cancellation of a penalty of Rs. 21,36,155/- imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment ... - The Appellate Tribunal ITAT Mumbai upheld the cancellation of a penalty of Rs. 21,36,155/- imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2003-04. The penalty was cancelled as the disallowance on which it was based had been deleted by the Tribunal earlier. The appeal filed by the Revenue was dismissed. (Case citation: 2010 (10) TMI 1225 - ITAT MUMBAI)
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