https://www.taxtmi.com/caselaws?id=210463 The Appellate Tribunal ITAT MUMBAI ruled in favor of the assessee engaged in the manufacturing and sale of Polyester films, finding no concealment of income. The penalty imposed under section 271(1)(c) by the AO and confirmed by the ld. CIT(A) on the disallowance under section 40A(2)(b) was deleted. The Tribunal cited the decision in CIT vs. Reliance Petroproducts Pvt. Ltd., emphasizing the lack of evidence to support the penalty imposition. Consequently, the penalty was set aside, and the appeal of the assessee was allowed. en-us Wed, 04 Jan 2012 00:00:00 +0530 Fri, 10 Feb 2012 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210463 The Appellate Tribunal ITAT MUMBAI ruled in favor of the assessee engaged in the manufacturing and sale of Polyester films, finding no concealment of income. The penalty imposed under section 271(1)(c) by the AO and confirmed by the ld. CIT(A) on the disallowance under section 40A(2)(b) was deleted. The Tribunal cited the decision in CIT vs. Reliance Petroproducts Pvt. Ltd., emphasizing the lack of evidence to support the penalty imposition. Consequently, the penalty was set aside, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 04 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210463