https://www.taxtmi.com/caselaws?id=203080 ITAT MUMBAI-AT deleted the penalty levied u/s 271(1)(c) on the assessee in respect of addition relating to deposit received from Spectrum and disallowance of brokerage and legal fees. It held that once the HC admits a substantial question of law on an addition, the issue becomes debatable, demonstrating that the assessee's claim is bona fide and legally arguable. In such circumstances, mere confirmation of the quantum addition does not justify concealment penalty. Accordingly, the penalty imposed under s.271(1)(c) was held not exigible and was cancelled. en-us Fri, 18 Mar 2011 00:00:00 +0530 Thu, 27 Nov 2025 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203080 ITAT MUMBAI-AT deleted the penalty levied u/s 271(1)(c) on the assessee in respect of addition relating to deposit received from Spectrum and disallowance of brokerage and legal fees. It held that once the HC admits a substantial question of law on an addition, the issue becomes debatable, demonstrating that the assessee's claim is bona fide and legally arguable. In such circumstances, mere confirmation of the quantum addition does not justify concealment penalty. Accordingly, the penalty imposed under s.271(1)(c) was held not exigible and was cancelled. Case-Laws Income Tax Fri, 18 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203080