https://www.taxtmi.com/caselaws?id=217026 The ITAT Mumbai partially allowed the appeal challenging the penalty imposed under section 271(1)(c) of the Act for the assessment year 1990-91. The Tribunal upheld the penalty on specific additions due to the assessee's failure to substantiate explanations, while granting relief on the penalty for a payment to Darashaw & Co. The AO was directed to recompute the penalty accordingly, confirming the penalty on other specified additions. en-us Wed, 11 Jul 2012 00:00:00 +0530 Wed, 26 Sep 2012 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217026 The ITAT Mumbai partially allowed the appeal challenging the penalty imposed under section 271(1)(c) of the Act for the assessment year 1990-91. The Tribunal upheld the penalty on specific additions due to the assessee's failure to substantiate explanations, while granting relief on the penalty for a payment to Darashaw & Co. The AO was directed to recompute the penalty accordingly, confirming the penalty on other specified additions. Case-Laws Income Tax Wed, 11 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217026